Some $1.4 trillion in individual income taxes are due to the IRS on April 15. But for many Americans, that's only the half of it. A new report from the U.S. Congress's Joint Committee on Taxation shows that looking only at income taxes misses most of what we pay to the federal government each year.
April 15, 2015 at 11:00 AM
1 minute read
Some $1.4 trillion in individual income taxes are due to the IRS on April 15. But for many Americans, that’s only the half of it. A new report from the U.S. Congress’s Joint Committee on Taxation shows that looking only at income taxes misses most of what we pay to the federal government each year.
The average American pays an income tax rate of 10.1 percent, the Joint Committee shows, although that varies quite a bit depending on income.
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