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Table of Contents Expand. What Is Tax Revenue? Understanding Tax Revenue. Types of Tax Revenue. Key Takeaways U. Corporate income tax accounts for only 3. Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts.
A variety of factors affect the marginal tax rate that a taxpayer will pay, including their filing status— married filing jointly , married filing separately , single , or head of household. Which status a person files can make a significant difference in how much they are taxed. Capital gains taxes are of particular relevance for investors. Levied and enforced at the federal level, these are taxes on income from the sale of assets in which the sale price was higher than the purchasing price.
These are taxed at both short- and long-term rates. Tax records should be maintained to substantiate the length of ownership when both the assets were sold and the tax return was filed. In , employees pay 1. Payroll taxes have both an employee portion and an employer portion.
The employer remits both the employee portion, described above, and a duplicate amount for the employer portion. The employer rates are the same 6. Therefore, the total remitted is Payroll taxes are specifically to fund Social Security and Medicare programs. A self-employed individual must pay the equivalent of both the employee and employer portion of payroll taxes through self-employment taxes , which also fund Social Security and Medicare.
Sales taxes are charged at the point of sale , when a customer executes the payment for a good or service. The business collects the sales tax from the customer and remits the funds to the government. Different jurisdictions charge different sales taxes, which often overlap, as when states, counties, and municipalities each levy their own sales taxes. As of , the highest average state and local sales tax rate is found in Tennessee, at 9. Alaska does allow municipalities to charge local sales tax.
A common property tax in the United States is the real estate ad valorem tax. Reassessments are typically performed every one to five years.
Property tax rates vary considerably by jurisdiction. Property taxes can also be assessed on personal property , such as cars or boats. A tariff is a tax imposed by one country on the goods and services imported from another country.
The purpose is to encourage domestic purchases by increasing the price of goods and services imported from other countries.
Tariffs are politically divisive, with debate over whether the policies work as intended. Estate taxes are levied only on estates that exceed the exclusion limit set by law. Surviving spouses are exempt from estate taxes. The estate tax due is the taxable estate minus the exclusion limit. State rates are also different from the federal rate. Estate taxes are different from inheritance taxes, in that an estate tax is applied before assets are disbursed to any beneficiaries.
An inheritance tax is paid by the beneficiary. There is no federal inheritance tax, and only six states have an inheritance tax: Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania. There are many types of taxes that are applied in various ways. Understanding what triggers a tax situation can enable taxpayers to manage their finances to minimize the impact of taxes. Techniques that can help include annual tax-loss harvesting , to offset investment gains with investment losses, and estate planning , which works to shelter inherited income for heirs.
Department of the Treasury. Congressional Budget Office. Internal Revenue Service. Accessed Oct. National Conference of State Legislatures.
Indicators Tax revenue Tax on personal income Tax on corporate profits Social security contributions Tax on payroll Tax on property Tax on goods and services Tax wedge. My pinboard Add this view Go to pinboard. Perspectives TOT. Countries Highlighted Countries Highlight countries Find a country by name. Currently highlighted Remove all. Time yearly quarterly monthly latest data available.
Definition of Tax revenue Tax revenue is defined as the revenues collected from taxes on income and profits, social security contributions, taxes levied on goods and services, payroll taxes, taxes on the ownership and transfer of property, and other taxes. Last published in Publication.
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