Taxation Revenue of U.S. Governments 2/19/2004
Colin Cameron Dept. of Economics, University
of California - Davis
Data from EconomicReport of the President 2004, Feb 2004.
Data in Billions of Dollars
Federal Government:
Receipts in 2002 (Table B-83)
832 Personal Current Taxes (personal income tax)
737 Contributions for govennment social insurance (social
security taxes)
155 Taxes on Corporat Income (corporate income tax)
88 Taxes on production and imports (mostly excise
tax)
43 Other receipts
1862 Total Federal [17.8% of GDP of 10,480]
State and Local Government
Receipts in 2000-01 (Table B-86)
264 Property Taxes
321 Sales and Gross Receipts Taxes
226 Individual Income Taxes
35 Corporation Income taxes
477 All other (often direct fees for services provided)
1323 Total State [13.2% of GDP of 9,981]
So government revenue at all levels amount to 31 percent of GDP.
Major taxes are:
- Personal Income Tax (mostly federal but also state and sometines local)
Marginal rates on taxable income for single in 2003 of
- 10% to $10,000
- 15% to $28,400
- 25% to $68,800
- 28% to $143,500
- 33% to $312,00
- 35% thereafter
- Social Security Tax (federal)
Marginal rate on earnings for single in 2003 of
- 15.3% up to $87,000 (Old-Age, Survivors, Disability, Medicare)
- 2.9% thereafter (Medicare only)
- Property tax (state and local)
Roughly 1.24% of assessed value in California where assessed value may
be much less than market value
- Sales tax (state and local)
7.25% in Davis goes mostly to state and is not assessed on all goods and
services.