federal tax revenue by year chart

The Tax Foundation is the nation’s leading independent tax policy nonprofit.

Federal tax revenue by source, 1934-2018. to 18 percent of GDP. According to the graph below, the tax landscape for individuals has stayed relatively steady as a percentage of total federal revenue since 1944, typically sitting in the mid 40’s, and sometimes dipping down into the thirties. federal revenue for the COVID year FY 2020. Income taxes were a small piece of the pie in 1934, because the tax—enacted into law in 1913 by the 16th amendment—predominantly applied to high income earners, and exemptions were high. Click on the chart below to see an enlarged, clearer chart. Deficits |
Follow @chrischantrill The biggest source by far is the individual income tax. It costs only $0.99 and it contains all the analyses of spending historyon the website and more. The U.S. imposes a progressive income tax where rates increase with income.

Finances, GDP, GO: GDP, GO SourcesFederal: Fed. According to records from the IRS, the biggest increase came in 1943-1944.

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Defense |

In fiscal year 2017, which ended Sept. 30, the individual income tax was expected to bring in nearly $1.66 trillion, or about 48% of all federal revenues, according to the Office of Management and Budget.

The unit of analysis here is the tax return.

 •  Government Revenues in the United States decreased to 223221 USD Million in August from 563496 USD Million in July of 2020. Who Has the Power Over Federal Law Enforcement? TV Still the Top Medium for Ads in the U.S.

'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+'://platform.twitter.com/widgets.js';fjs.parentNode.insertBefore(js,fjs);}}(document, 'script', 'twitter-wjs'); Federal Revenue was increasing strongly, year on year, in the mid 2000s from $2.1 trillion In 2017, 143.3 million taxpayers reported earning $10.9 trillion in adjusted gross income and paid $1.6 trillion in individual income taxes. Welfare | Download historical data for 20 million indicators using your browser.

This page shows the current trends in US Federal revenue.

There are also charts on US Federal revenue history. little over $2 trillion in 2009. In 2017, the top 1 percent of taxpayers accounted for more income taxes paid than the bottom 90 percent combined. The Internal Revenue Service (IRS) has released data on individual income taxes for tax year 2017, showing the number of taxpayers, adjusted gross income, and income tax shares by income percentiles. Federal Revenue was increasing strongly, year on year, in the mid 2000s from $2.1 trillion to $2.6 trillion in 2007. Data Sources We work hard to make our analysis as useful as possible. According to the latest forecast from the Congressional Budget Office, federal revenue will grow from Jump to Receipts by Source as a Percent of Total, Table 1. Please see our, Find your information in our database containing over 20,000 reports, Tools and Tutorials explained in our Media Centre. The average tax rate is the total tax paid divided by taxable income. pretty well paid off, revenues declined to 2 percent of GDP. This history is important because it shows that the tax law is always changing. AGI is a fairly narrow income concept and does not include income items like government transfers (except for the portion of Social Security benefits that is taxed), the value of employer-provided health insurance, underreported or unreported income (most notably that of sole proprietors), income derived from municipal bond interest, net imputed rental income, and others.

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Personal exemptions decreased from $1,200 to $1,000 for married couples, tax rates for the lowest earning bracket (<$2,000) rose from 19 to 23 percent, and tax rates for the highest earning bracket (>200,000), rose from 88 to 94 percent. By signing up you are agreeing to our, Trump's Debt Is a Threat, Ex Intel Officials Warn, Sign up to receive the top stories you need to know now on politics, health and more, © 2020 TIME USA, LLC. The Statista "Chart of the Day" currently focuses Our work depends on support from members of the public like you. Use is, however, only permitted with

Payroll taxes are social insurance taxes that comprise 23.05 percent of combined federal, state, and local government revenue, the second largest source of that combined tax revenue. Check our upcoming releases.

and over 1 Mio. Does Statista also create infographics in a customized design? The top 1 percent paid a greater share of individual income taxes (38.5 percent) than the bottom 90 percent combined (29.9 percent). For individual content and infographics in your Corporate Design, U.S. federal tax revenue is the total tax receipts received by the federal government each year. daily and featuring the latest statistics from the media,

It is the third biggest source of tax revenue in the United States.
In fiscal year (FY) 2021, income taxes will account for 50%, payroll taxes make up 36%, and corporate taxes supply 7%. TAX YEAR TAX AND EARNED INCOME CREDIT TABLES This booklet only contains Tax and Earned Income Credit Tables from the Instructions for Forms 1040 and 1040-SR. FreeFile is the fast, safe, and free way to prepare and e- le your taxes. Entitlements |

The top 1 percent of taxpayers (AGI of $515,371 and above) paid the highest effective income tax rate, roughly 26.8 percent, more than six times the rate faced by the bottom 50 percent of taxpayers. The bottom 50 percent of taxpayers (taxpayers with AGIs below $41,740) faced an average income tax rate of 4.0 percent. Federal revenue for 2020 was The Statista "Chart of the Day", made available [1], The data demonstrates that the U.S. individual income tax continues to be very progressive, borne primarily by the highest income earners.[2].

about 17 to 18 percent. Why Rihanna's Savage X Fenty Lingerie Show Is Under Fire, Even While Sick, President Trump Is Shaping His Medical Treatment and What We Know About It, You can unsubscribe at any time. non-commercial websites. The Biggest PACs Funding the 2020 Election, Our infographics team prepares current information in a clear and understandable format, Relevant facts covering media, economy, e-commerce, and FMCG topics, Use our newsletter overview to manage the topics that you have subscribed to.

The 2017 IRS data shows that taxpayers with higher incomes paid much higher average income tax rates than lower-income taxpayers.[3]. The top 1 percent of taxpayers paid roughly $616 billion, or 38.5 percent of all income taxes, while the bottom 90 percent paid about $479 billion, or 29.9 percent of all income taxes. State Spending |

But we won’t know about federal finances for FY2021 and beyond until the next federal budget comes out in February 2021.

The corporate income tax was estimated to raise another $324 billion, or 9% of total federal revenue. See more federal tax revenue analysis.

Defense |

Debt History | In the Great Recession federal revenues plunged down to 14.6 percent GDP in 2009 and then

Use of this site constitutes acceptance of our. Federal Revenue was increasing strongly, year on year, in the mid 2000s from $2.1 trillion to $2.6 trillion in 2007. 15.6 percent GDP. Federal Government Receipts by Source, Percent of Total, 1934 – 2018, Source: Office of Management and Budget: http://www.whitehouse.gov/omb/budget/HISTORICALS.

Washington, DC 20005, Tax Expenditures, Credits, and Deductions, Small Business, Pass-throughs, and Non-profits, Sources of Government Revenue in the OECD, Opportunities for Pro-Growth Tax Reform in Austria, Tax Proposals, Comparisons, and the Economy.

US Futures Trade Mixed as Investors await Clarity, US Private Sector Growth Remains Solid in September, US Service Activity Continues to Rise at Solid Pace: Markit, Mozambique Private Sector Contracts the Least in 6 Months, German Factory Orders Rise More than Expected, India Services Activity Shrinks the Least in 7 Months. The U.S. budget deficit by year is how much more the federal government spends than it receives in revenue annually. State Spending |

Prepared by Christopher Chantrill. Feel free to contact us anytime using our contact form or visit our FAQ page. It is a broad measure that includes income from wages, salaries, interest, dividends, retirement income, Social Security benefits, capital gains, business, and other sources, and subtracts specific deductions. Viewed from a GDP perspective, federal revenue was increasing steadily as a percent of GDP Budget: Hist.

Source: IRS, Statistics of Income, Individual Income Rates and Tax Shares (2019). Tables 2.1, 2.4, 2.5, 7.1, Federal revenue data since 1962 comes from the. 16.5 percent of GDP in 2019 to 19.5 percent of GDP by 2049. Federal Government Receipts by Source, Millions of Dollars 1934 – 2018, Federal Government Receipts in Millions of Dollars and as a Percent of Total from 1934 to 2018 (Estimated), Table 2. Corporate taxes—a 15-35 percent marginal tax rate on a company’s profits—were the third largest source of federal revenue, at about 10 percent. Check STATE revenue: CA

Which topics are covered by the "Chart of the Day"? Tables 2.1, 2.4, 2.5, 7.1State and Local: State and Local Gov. Income taxes reached their highest percentage (50 percent) as a piece of the overall pie in 2000 and 2001.

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