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.
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