ABSTRACT

Overview of the Federal Tax System in 2019 [Updated November 20, 2019]   [open pdf - 2MB]

From the Summary: "This report describes the federal tax structure and system in effect for 2019. The report also provides selected statistics on the tax system as a whole. Historically, the largest component of the federal tax system, in terms of revenue generated, has been the individual income tax. For fiscal year (FY) 2019, an estimated $1.7 trillion, or 50% of the federal government's revenue, will be collected from the individual income tax. The corporate income tax is estimated to generate another $216 billion in revenue in FY2019, or just over 6% of total revenue. Social insurance or payroll taxes will generate an estimated $1.2 trillion, or 36% of revenue in FY2019. For 2019, it is estimated that revenues will be 16.1% of gross domestic product (GDP), slightly below the post-World War II average of 17.2% of GDP."

Report Number:
CRS Report for Congress, R45145
Author:
Publisher:
Date:
2019-11-20
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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