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How much does the government really need my income taxes?



How much does the government really need my income taxes?


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.

© 2020 by Dennis C. Carroll, Esq.