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There are numerous viable options to preserve the retirement system, including Social Security, in a fiscally sustainable way that gives families adequate time to plan and strengthens support for those who need it the most.
Simplifying the tax code to enhance fairness and promote economic growth
The lengthy and complex United States tax code can be difficult for Americans to understand.
The federal government finances its operations with taxes, fees, and other receipts collected from many different sectors of the economy.
Most working Americans are subject to payroll taxes, which are usually deducted automatically from an employee’s paycheck. Employers are also often subject to these types of taxes.
Take our quiz to see how much you really know about how revenues are collected and federal funds are spent.
Tax expenditures can come in the form of exclusions, exemptions, deductions, and credits.
Social Security is the largest single program in the federal budget and makes up approximately one quarter of total federal spending.
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.