0 200 400 600 800 1,000 1,200 1,400 1,600 Individual Income Taxes Payroll Taxes $1,684 $1,171 Corporate Income Taxes $205 Other $271 Other Hospital Insurance Old-Age, Survivors, and Disability Insurance 855 261 55 Miscellaneous Fees and Fines Estate and Gift Taxes Customs Duties 41 41 23 Federal Reserve Remittances Excise Taxes 95 71 Billions of Dollars REVENUES IN 2018 Percentage of Gross Domestic Product R E C E S S I O N R E C E S S I O N TRENDS IN REVENUES Individual Income Taxes Payroll Taxes Corporate Income Taxes Other 0 2 4 6 8 10 12 1998 2002 2006 2010 2014 2018 Economic Growth and Tax Relief Reconciliation Act of 2001 Jobs and Growth Tax Relief Reconciliation Act of 2003 Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 American Taxpayer Relief Act of 2012 2017 Tax Act AT A GLANCE Revenues received by the federal government in 2018 $3.3 Trillion Receipts from individual income taxes, the largest source of revenues, in 2018 Revenues as a percentage of GDP in 2018 Average revenues as a percentage of GDP between 1998 and 2017 $1.7 Trillion 16.5 % 17.1 % Prepared by Leigh Angres and Jorge Salazar Source: Congressional Budget Office, June 2019 All data are for federal fiscal years, which run from October 1 to September 30. Numbers may not add up to totals because of rounding. THE FEDERAL BUDGET IN 2018 Funds collected from the public that arise from the government’s exercise of its sovereign powers A CLOSER LOOK AT REVENUES FISCAL YEAR 2018 OUTLAYS, $4.1 TRILLION Mandatory $2.5 T Discretionary $1.3 T Net Interest $0.3 T REVENUES, $3.3 TRILLION