Revenue Options

In fiscal year 2013, the federal government collected $2.8 trillion in revenues. Individual income taxes were the largest source of revenues, accounting for more than 47 percent of the total. Social insurance taxes (primarily payroll taxes collected to support Social Security and Medicare) accounted for 34 percent, about 10 percent came from corporate income taxes, and other receipts—from excise taxes, estate and gift taxes, earnings of the Federal Reserve System, customs duties, and miscellaneous fees and fines—made up the remaining 9 percent.