Missouri’s legislature has approved nearly $2 billion in tax incentives for Boeing after a House vote today, and the plan awaits Governor Nixon’s (D) signature. We’ve written on this issue extensively, following it from...
- The Tax Policy Blog
- Where Will Federal Tax Revenue Come from in 2014?
Where Will Federal Tax Revenue Come from in 2014?
When politicians talk about overhauling the nation’s tax code, they are typically only talking about reforming the corporate and individual income tax systems. Combined, these two sources comprise about 58 percent of all federal revenue in any given year. But it should be noted that the category of “individual income taxes” is comprised not only of collections from wages and salaries, but also includes revenues collected from taxes on other sources such as savings, capital gains, dividends, rents, and business income (including sole proprietors, S corporations, LLCs, and partnerships).
Social insurance taxes are dedicated to funding Social Security and Medicare programs and are generally considered outside the scope of most tax reform proposals.
For more charts like the one below, see the second edition of our chart book, Putting a Face on America's Tax Returns.
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About the Tax Policy Blog
The Tax Policy Blog is the official weblog of the Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937. Our economists welcome your feedback. If you would like to send an e-mail to the author of a blog post, please click on that person's name to locate his or her e-mail address or visit our staff page here.