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Overall, coronavirus relief legislation is expected to widen the gap between federal outlays and revenues — increasing federal deficits by $2.4 trillion over the next decade.
One issue that most lawmakers and voters agree on is that our tax system needs reform.
https://www.pgpf.org/infographic/infographic-how-the-us-tax-system-works
The federal government finances its operations with taxes, fees, and other receipts collected from many different sectors of the economy. The largest sources of revenues are individual income taxes and payroll taxes.
https://www.pgpf.org/blog/2020/07/how-does-the-tax-system-work
The fairness of our federal tax system is a hotly debated issue. Too often, however, those debates confuse or misrepresent important facts because they focus on one type of tax in isolation rather than the various taxes that people face in aggregate.
Estate and gift taxes are levied on the transfer of assets. Two areas of the tax code that are relatively small in dollar terms, but can generate a significant amount of attention and even controversy in the broader conversation about wealth.
https://www.pgpf.org/budget-basics/what-are-estate-and-gift-taxes-and-how-do-they-work
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the latest data for Fiscal Year 2019, charted out monthly and on a year-over-year basis.
The Internal Revenue Service (IRS) had issued 159 million direct payments to Americans — totaling nearly $267 billion — to help mitigate the financial burden of the COVID-19 pandemic.
https://www.pgpf.org/blog/2020/05/how-many-coronavirus-stimulus-checks-have-been-sent-out-so-far
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.