A Closer Look at Federal Income Taxes

Source: Fernando M. Martin, Federal Reserve Bank of St. Louis, Economic Synopses, No. 23, 2016

Tax cuts for the middle class, even minor ones, would imply big declines in revenue. Closing the deficit by taxing the rich would require major tax hikes. …. Given the prominent role individual income taxes play in financing the federal government, this essay inspects these taxes in more detail. ….