Archive - Mar 15, 2009

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Where the Money Comes From
How the cash flows into Uncle Sam's coffers.

For 2007
Individual income taxes: 50.4%
Payroll taxes (FICA): 31.4%
Business income taxes: 14.6%
Excise and other taxes (tobacco, gas, etc.): 3.6%
Total tax revenue for 2007 = $2,709,798,000,000

One Family's Burden
How much a typical family in Philadelphia earning $50,000 paid the tax man in 2007.

Federal taxes: $6,007 (41%)
Sales tax: $803 (5%)
Property tax: $4,235 (29%)
State/local income tax: $3,361 (23%)
Auto tax: $231 (2%)
Total = $14,637 or 29.3% of income

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Illustrations courtesy of Carlos Aponte / Reader’s Digest

Original Source: Reader’s Digest