How Marginal Tax Rates and Breaks Affect What You Pay
The percentage of income that Americans pay in taxes can vary widely and depend on many factors.
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The percentage of income that Americans pay in taxes can vary widely and depend on many factors.
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for March 2023.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-march-2023
Compared to historical trends and other advanced economies, corporate tax revenues in the United States are low.
Many options exist to reduce the imbalance between spending and revenues, including additional taxes on wealthier Americans.
https://www.pgpf.org/blog/2023/04/five-different-ways-of-raising-taxes-on-the-wealthiest-americans
Healthcare spending in the United States totaled 18.3 percent of gross domestic product (GDP) in 2021.
https://www.pgpf.org/blog/2023/04/healthcare-spending-in-the-united-states-remains-high
Presently, revenues raised by the corporate income tax represent the third-largest category of federal tax revenue in the United States, trailing those generated from the individual income and payroll taxes.
https://www.pgpf.org/budget-basics/the-us-corporate-tax-system-explained
The United States has one of the most expensive health systems in the world.
“These new Trustee reports make clear that when it comes to the future of Social Security and Medicare, doing nothing is simply not an option," said Michael A. Peterson.
https://www.pgpf.org/press-release/2023/03/peterson-foundation-statement-on-trustees-reports
“Voters understand that making progress on our national debt would help their economic prospects,” said Michael A. Peterson, CEO of the Peterson Foundation.
https://www.pgpf.org/press-release/2023/03/30/fci-press-release
One issue that most lawmakers and voters agree on is that our tax system needs reform.
https://www.pgpf.org/infographic/how-the-us-tax-system-works