Where taxes came from in 2020
The federal government collects revenue from a variety of sources.
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The federal government collects revenue from a variety of sources.
Federal taxes and transfers can help reduce disparities in income.
https://www.pgpf.org/chart-archive/0233_taxes-reduce-disparities
High income individuals receive a greater portion of their income from capital gains
https://www.pgpf.org/chart-archive/0316_capital_gains_income_group
High-income households earn a disproportionate share of pre-tax income and pay an even larger share of total federal taxes.
The U.S. tax system is progressive, with higher-income taxpayers facing higher tax rates.
All income groups pay taxes, but overall the U.S. tax system is progressive.
https://www.pgpf.org/chart-archive/0210_distribution_of_taxes
"Like the House bill, the Senate proposal includes reforms that are neither permanent nor paid for, both of which impede the objective of growing the economy," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
https://www.pgpf.org/press-release/2017/11/peterson-foundation-statement-on-senate-tax-bill
The earned income tax credit (EITC) is a measure administered through the tax code to address poverty.
https://www.pgpf.org/budget-basics/what-is-the-earned-income-tax-credit
“This is an example of how our leaders can pay for their priorities, whatever they may be, while helping to improve America’s fiscal and economic future at the same time," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
A panel of experts discussed the potential for a well-designed carbon tax to play a role in putting our nation on a more sustainable fiscal path.