Revenues in 2017: An Infographic (2024)

FAQs

What was the US revenue in 2017? ›

The increase in net cost is the combined effect of many offsetting increases and decreases across the Government. Total Government tax and other revenues grew by $29.3 billion (0.9 percent) to about $3.4 trillion for FY 2017.

The US collected $5.03 trillion in federal revenues in 2022, up $630 billion from the previous year, after adjusting for inflation. That equates to $15,098 collected per person, up 14% from 2021.

In 2023, the total revenues of the U.S. government totaled around 4.44 trillion U.S. dollars. Revenues consist of individual and corporate income taxes, payroll taxes and other taxes. Individual income taxes amounted to 2.18 trillion U.S. dollars in 2023, whereas corporate income taxes totaled 420 billion U.S. dollars.

The U.S. median household income from the 2017 ACS was $60,336 (see Table 1). This was the fifth consecutive year with an increase in the ACS estimate of median household income for the nation. The 2017 U.S. median household income was the highest since full implementation of the ACS in 2005 (see Figure 1).

Revenues received by the federal government in 2017 totaled $3.3 trillion, of which $1.6 trillion was receipts of individual income taxes.

Governments generate revenue by collecting income taxes, payroll taxes, sales taxes, property taxes, and social insurance taxes. Revenue is also generated from income on assets and transfer receipts from businesses and individuals.

Most of the government's federal income tax revenue comes from the nation's top income earners. In 2021, the top 5% of earners — people with incomes $252,840 and above — collectively paid over $1.4 trillion in income taxes, or about 66% of the national total.

High-Income Taxpayers Paid the Highest Average Income Tax Rates. In 2021, taxpayers with higher incomes paid much higher average income tax rates than taxpayers with lower incomes.

What is the largest source of revenue for the federal government? ›

Sources of Federal Revenues

Individual income taxes are the largest single source of federal revenues, constituting nearly one-half of all receipts.

In other words, most Americans report earning labor income, and most of their income comes from labor. In total, more than 126 million tax filers in 2021 reported $9.0 trillion in wage income—61 percent of total income.

Sources of Federal Revenue

So far in FY 2024, individual income taxes have accounted for 50% of total revenue while Social Security and Medicare taxes made up another 36%. Government revenue also comes from payments to federal agencies like the U.S. Department of the Interior. Have you visited a national park recently?

Residents in Connecticut, Massachusetts, New Jersey and New York have some of the highest tax bills in the nation. They also pay thousands more in federal taxes than their state receives back in federal funding.

Revenues received by the federal government in 2016 totaled $3.3 trillion, of which $1.5 trillion was receipts of individual income taxes.