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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.

On balance, the evidence suggests that reducing tax rates boosts work and saving relative to what would occur otherwise, if budget deficits are held the same.  But without any other changes in taxes or spending, reducing tax rates from current levels will generally lower revenues and increase budget deficits.  Increased deficits, even with lower tax rates, can reduce economic activity over the longer term.  Click here to verify
Although revenues from individual income taxes are nearly 50 percent greater than revenues from social insurance taxes, households in the bottom 80 percent of the income distribution on average pay nearly twice as much in payroll tax as in income tax.  In 1997, 9.6 percent of that group’s income went to payroll taxes, compared with 5.2 percent going to income taxes.    Click here to verify
In 2007, households in the highest quintile earned 55 percent of before-tax income and paid almost 70 percent of federal taxes; for all other quintiles, the share of federal taxes was less than the share of income.   Click here to verify at Page 3
Households generally bear the economic cost, or burden, of the taxes that they pay directly, such as individual income taxes (including taxes paid on dividends, interest, and capital gains) and employees’ share of payroll taxes.  Households also bear the burden of the taxes paid by businesses.  Click here to verify
In addition, households bear the burden of corporate income taxes, but the extent to which they bear that burden as owners of capital, workers, or consumers is not clear.   Click here to verify
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