The U.S. government's over $4 trillion (£3.12 trillion) annual budget, the world's largest, relies heavily on individual wage earners whose taxes and retirement benefits are deducted from every paycheck, leaning particularly on the top 20% of income earners.
WASHINGTON - The U.S. government’s over $4 trillion annual budget, the world’s largest, relies heavily on individual wage earners whose taxes and retirement benefits are deducted from every paycheck, leaning particularly on the top 20% of income earners.
Of the $3.46 trillion in receipts taken in by the U.S. Treasury during fiscal 2019, nearly half came from the $1.72 trillion in individual income taxes collected. Despite high unemployment because of the coronavirus pandemic, withheld income taxes in 2020 have fallen less than 1% from 2019 levels, partly due to higher earnings early in the year and aid to small businesses that kept paychecks coming to many idled employees over the spring and summer months.
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