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As a share of GDP, the U.S. corporate income tax revenue is the lowest among G7 countries
The federal government collects revenue from a variety of sources.
Six popular tax provisions accounted for a large majority of annual tax expenditures for individuals.
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.
The United States spends more on defense than the next seven countries combined.
Compensation and medical care make up more than 40 percent of the defense budget.
Spending on foreign affairs accounts for slightly more than 1% of total federal spending.
Tax expenditures can come in the form of exclusions, exemptions, deductions, and credits.
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.