Tax time – you either love it or you hate it. Here are a few interesting facts – according to the numbers – about everyone’s favorite event in April. The majority (80%) of all federal income comes from two sources: income taxes and payroll taxes, according to the Tax Policy Center. The bulk of the federal budget goes to defense (20%); Social Security (20%); Medicare, Medicaid and CHIP (21%) and education (2%), so says the Center on Budget and Policy Priorities. The top 1% pays more federal taxes than the bottom 60% combined. However, the top 1% makes more than the bottom 40%. Data in a New York Times article show that in the last 50 years, tax rates have declined dramatically for the very rich. Tax rates for the poorest have declined equally, as well.
The Illinois carrier recently raised $35 million through a stock offering.
One of the recorded votes on amendments was on a jab at short-term health insurance.
A Principal Financial executive represented life insurers at the hearing.
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