Corporate Income Tax Revenue across G7 Countries
As a share of GDP, the U.S. corporate income tax revenue is the lowest among G7 countries.
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As a share of GDP, the U.S. corporate income tax revenue is the lowest among G7 countries.
The top 1 percent of taxpayers generate 30 percent of individual income tax revenues.
Income growth since 1979 is larger for high-income earners, even when including transfers and taxes.
https://www.pgpf.org/chart-archive/0059_income-growth-disparity
Between 1979 and 2016, income increased more quickly for high-income earners.
https://www.pgpf.org/chart-archive/0060_income-disparity-before-transfers-taxes
Financing the debt will become more burdensome now that interest rates have returned to their pre-pandemic levels.
On average, Social Security benefits exceed Social Security taxes over an individual’s lifetime.
https://www.pgpf.org/Chart-Archive/0198_social_security_lifetime_benefits
On average, Medicare benefits far exceed taxes over an individual’s lifetime.
https://www.pgpf.org/chart-archive/0197_Medicare_lifetime_benefits
Even party extremes want bipartisan progress: 93% of Liberal Democrats and 85% of Tea Party supporters strongly agree that both parties should work together to solve our long-term fiscal and economic problems.
67% of registered voters strongly agree that "I am willing to do my part to reduce the national debt, as long as other people also do their part."
"In just the next decade, this tax bill could add more than $2 trillion to our national debt, which is already $20 trillion and growing," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
https://www.pgpf.org/press-release/2017/12/peterson-statement-on-tax-bill-conference-committee
The percentage of income that Americans pay in taxes can vary widely and depend on many factors.