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Taxes – Fast Facts

All fast facts for Taxes are from the non-partisan Congressional Budget Office (CBO) and one from the Tax Policy Center.  They do not represent all of their reports on this subject.  Some simply provide historical context.  Occasionally minor word adjustments may have been made for clarity or to reflect the updated nature of the statement. As always, verify and view statements in their full context as often as possible.

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The largest source of federal revenues, the individual income tax, has average tax rates that rise rapidly with income.   Click here to verify
The next largest source of revenues, social insurance taxes (payroll taxes), has average tax rates that vary little across most income groups–although the average rate falls for higher-income households, because earnings above a certain threshold are not subject to the Social Security payroll tax and because earnings are a smaller portion of total income for that group.    Click here to verify
In general, federal [tax] revenues rise and fall with overall economic activity.   Click here to verify at Page 2
Most income from wages and self-employment is subject to payroll taxes that help fund Social Security’s Old-Age, Survivors, and Disability Insurance (OASDI) programs and Medicare’s Hospital Insurance (HI) program.    Click here to verify at Page 10
Between 1979 and 2007, the average tax rate for federal taxes declined for all income groups.   The average individual income tax rate also declined over those years; the largest decrease occurred for the fifth of the population with the lowest income.    Click here to verify
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