Composition of Revenues 1981 - 2031
Most federal revenues come from individual income and payroll taxes
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Most federal revenues come from individual income and payroll taxes
Revenue from corporate income taxes has largely decreased since 1950.
https://www.pgpf.org/chart-archive/0303_corporate_tax_share_gdp
Unlike during other recessions, revenues from the capital gains tax have remained relatively steady throughout the COVID-19 pandemic.
https://www.pgpf.org/chart-archive/0317_capital_gains_revenues
Corporate tax revenues are substantially lower than they were before the tax rate was reduced by the TCJA.
https://www.pgpf.org/chart-archive/0304_corporate_tax_reduced_tcja
The growing debt is caused by a structural mismatch between spending and revenues.
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.
Waiting to act raises the cost of stabilizing the debt.
United States per capita healthcare spending is nearly three times the average of other developed countries.