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  • Dennis C. Carroll, Esq.

How much does the government really need my income taxes?

Updated: Oct 25, 2023

For fiscal year 2018, the federal government relied on federal income taxes as 51% of its total revenue of $3.3T. Payroll taxes, which are made up of social security, medicare, and unemployment insurance payments, accounted for 35% of total revenue. Payroll taxes are paid for by employees and employers. The self-employed pay into and can collect from social security and medicare only.

For fiscal year 2019, the Connecticut government relied on Connecticut income taxes as 52% of its total revenue of $18.6B. Connecticut sales taxes accounted for 23% of total revenue.


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