Income Of Us Government

Taxes are the largest source of government income.
Income of us government. Federal tax revenue is the total tax receipts received by the federal government each year. Over the past 50 years. Total revenues in fiscal year fy 2014 1 the federal government collected revenues of 3 trillion about 17 5 percent of gdp. In fiscal year fy 2021 income taxes will account for 50 payroll taxes make up 36 and corporate taxes supply 7.
Income taxes are collected either quarterly or annually by state and federal taxing authorities. For example the 400 000 annual salary of the president of the united states reflects a great degree of volunteerism compared to the nearly 14 million average salary of corporate ceos. Governments tax a portion of most corporate and personal income. Sales taxes are collected by sellers and transferred to the governmental tax authority.
This page provides forecast and historical data charts statistics news and updates for united states income. State government for united states from u s. Bureau of economic analysis bea for the state income annual release.