U.S. Tax Revenue and Spending Explained

How the U.S. Government Collects and Spends Tax Revenue

Summary

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In 2024, the US government collected a record $4.92 trillion in federal revenue, with over half of it coming from individual income taxes, indicating a strong economy and steady employment. However, around 75% of this revenue is sourced from the top 10% of earners, raising concerns about the sustainability and fairness of the current tax system.

The U.S. government collected $4.92 trillion in 2024. That number alone says a lot about the strength of the economy. Over $2.43 trillion came from individual income taxes, pointing to strong wages, steady employment, and a workforce that’s still holding...

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