June 1, 2019
U.S. corporations are contributing the smallest share of federal tax revenue in a generation.
That’s one of the findings in the Data Book for 2018, released by the Internal Revenue Service on Monday. In the fiscal year covered, the IRS processed more than 250 million tax returns and collected nearly $3.5 trillion in federal taxes paid by households and businesses.
The data show that the burden is increasingly falling on individuals. Their income taxes account for about $1.95 trillion, or 57 percent of total revenue. An additional 33 percent came from employment taxes. Corporations only paid 7.6 percent of the tax take — the lowest share since at least 1960, according to the IRS data.
After adjusting for refunds, the share may be even lower. Businesses got more than $60 billion back from the IRS, lowering the net collection amount to $202.7 billion.
The IRS report also provided data on tax audits and taxpayer attitudes. About two-thirds of respondents agreed that it’s their civic duty to pay their fair share of taxes, and an even bigger majority said that it’s not acceptable to cheat.
There were some outliers, though. About 3 in 100 taxpayers said it’s acceptable to cheat “as much as possible.”
It’s hard to believe that we are already into July. Even with the deadline for filing your return and making a payment (if you owe) being extended to July 15, 2020, it still seemed like it came upon us fast. With only a few weeks left, be sure to get any final documents to us and answer any outstanding communications immediately.
New gardeners have come out of the woodwork this year, looking to create a sustainable food supply in their own backyards. Of course, not everyone has the space or the time to create a full-on outdoor garden. So, why not start small…and indoors?
It’s safe to say that most people are laser focused on money right now—specifically on how to make it last longer. To help you do just that, we compiled the following list of tips for spending less in 2020: