In fiscal 2024, the federal government of the United States garnered over $4.9 trillion in revenue, mainly from taxes on income, corporations, and consumer products. State and local governments collected nearly $2.1 trillion in tax revenue. Disparities arise as state and local tax policies vary significantly, leading to individuals in similar income brackets paying different amounts in taxes. Per capita state and local tax collections vary between less than $5,000 and over $12,000, with property taxes at 27.4% and income taxes at 25.4% of total state and local revenue in the U.S.
In fiscal 2024, the federal government collected over $4.9 trillion, exceeding the combined revenue of the top 14 Fortune 500 companies for the same year.
State and local governments reported nearly $2.1 trillion in tax revenue last year, with significant variations in tax policies causing disparities among residents.
Americans in different states can pay thousands more in taxes annually than others in the same income bracket due to varying state and local tax regulations.
Per capita state and local tax collections range from under $5,000 to over $12,000, with property taxes contributing 27.4% and income taxes 25.4%.
Collection
[
|
...
]