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Government Revenue | U. S. Treasury Fiscal Data So far in fiscal year 2026, the largest source of federal revenue is Individual Income Taxes (53 7% of total revenue) Federal revenue is used to fund a variety of goods, programs, and services to support the American public and pay interest on government debt
What are the sources of revenue for the federal government? The individual income tax has been the largest single source of federal revenue since 1944, and in 2022, it comprised 54 percent of total revenues and 10 5 percent of GDP in 2022 (figure 3)
Federal Revenue: Where Does the Money Come From Taxes are by far the largest source of income (or revenue) for the federal government The government does receive income from other sources (like fees and interest), but those sources are dwarfed by what we all pay in taxes
Chap 16 Flashcards | Quizlet Study with Quizlet and memorize flashcards containing terms like Where does the largest source of federal revenue come from?, Explain excise tax, In the past the power to borrow money by the US was a way to do what and more
What Kinds of Revenue Does the Government Collect? In FY2024, the federal government collected revenue from four primary sources: 49% ($2 4 trillion) from individual income taxes 35% ($1 7 trillion) from payroll taxes used to fund Social Security, Medicare, and federal unemployment insurance 11% ($530 billion) from corporate income taxes
Where Federal Revenue Comes From How It’s Spent - St. Louis Fed Half of U S government revenue in 2019, about $1 7 trillion, came from the public via individual income taxes, of which a significant amount came from payroll taxes, which are paid by employees The second largest source is Social Security and Medicare taxes, which go to support those programs
Financing the Federal Government: How Government Takes Spends Your . . . As Figure 1 shows, 84 percent of that revenue comes right out of your paycheck between individual income taxes and payroll taxes (such as funding for Social Security and Medicare) Another 10 percent comes from taxes on business income