Building an Economy that Works for Everyone

Chart of the day: Sources of federal revenue

Given all of the recent talk about closing tax loopholes and deductions, here’s a chart showing sources of federal revenue. This chart is interesting because it comes from a recent report issued by the Senate Subcommittee on Investigations, which is exploring “how U.S. citizens and multinational corporations have misused and at time violated tax statutes and regulations and accounting rules to shift profits and valuable assets offshore to avoid U.S. taxes.”

The report notes that in 1952, the corporate tax generated 32.1% of all federal tax revenue. Today, the corporate tax accounts for 8.9% of federal tax revenue.

sources of U.S. federal government revenue

  • Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

More To Read

March 20, 2024

I-2111: The Income Tax Ban Is A Spectacle, but One We Can’t Ignore

A way to waste time, energy, and money, I-2111 is costing more than just taxes

March 20, 2024

Let’s Go Washington: Three initiatives threatening to roll back years of progress

Here’s what you need to know about the initiatives on your November ballot

March 12, 2024

Washington’s Women Are More Protected This Equal Pay Day

Thanks to an update to the state's wage discrimination protections, Washington woman are closer to closing the wage gap