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IPFS News Link • TAXES: Federal

Taxes Just Facts


* A "tax" is defined by the Collins English Dictionary as a "compulsory financial contribution imposed by a government to raise revenue…."[1]

* In 2011, federal, state and local governments collected a combined total of $3.77 trillion in taxes or an average of $31,774 for every household in the U.S.[2]

* Between 1929 and 2011, the portion of the U.S. economy collected in federal, state and local taxes has ranged from 10% to 29%, with the median being 25% and the average 24%. In 2011, the figure was 25%: