US Federal Income Taxes: How the US Federal Government is Funded & How Your Share is Calculated

The US federal government collected $4.9 trillion in revenue in 2024 -- 99% of it from taxes. 49% came from federal income tax and 35% came from payroll taxes (for social security and medicare). The US has a progressive tax system, which means that you pay more taxes on each income tier (in 2024 for single filers, 10% on your first $11,600, 12% on $11,604 to $47,150 and so on). And you can deduct some expenses (like mortgage interest) from your taxable income amount. More Americans are in the 12% tax bracket than any other. Learn more about how personal federal income taxes work, as well as corporate taxes, state and local taxes, and tax changes over time. Learn More: https://usafacts.org/answers/how-much... https://usafacts.org/articles/who-pay...