Thank you for reading through this website on IRS tax debt. I thought you might like to know where the money comes from that fuels the Obamanation. You will be surprised that IRS tax revenue comes primarily out of your pocket. Very little IRS tax revenue comes from business or other sources.
According to the IRS, for tax year 2013 (the most recent year available) the mighty collector took in nearly $2.9 trillion dollars, up $331 billion, or 13.1%, from 2012.
The vast majority of this money comes from workers one way or the other. Fifty-three point nine percent came from individual income tax and 31.4% came from employment taxes. This means a staggering 85.3% of IRS tax revenue came from workers.
Add to this the fact that only 10.9% was gathered from business taxes, and you will see why workers feel they are getting the shaft in the United States. If you were to look at self-employed workers, you would find they account for an even more disproportionate amount of IRS tax revenues. This is because about 50% of employment taxes come from employers and 50% from employees. If you are self-employed, you are paying both sides of the employment tax equation.
Now you see why so many self-employed and small business owners are taking their business offshore and out of the reach of Uncle. These entrepreneurs can earn up to $99,200 tax free in 2014 and have all kinds of extra benefits for living and working offshore. If this is of interest, I suggest you take a read though www.premieroffshore.com.
If you are wondering, excise taxes on items like cigarettes and gasoline have declined substantially over the last few decades. Back in the 1960s, excise taxes accounted for about 13% of IRS tax revenue. Today, they are a mere 2.1%. Estate and gift taxes are even less impressive. They were .5% and .2% respectively.
What’s Next?
Let’s face it, taxes for expats and the offshore markets is specialized information that your mom and pop accountant down the street is not going to understand. Speak with our CPA if you are serious about reducing your tax obligations and staying compliant – Click Here To Find Out More
Contact Author
"*" indicates required fields
Stay Ahead on Every Adventure!
Stay updated with the World News on Escape Artist. Get all the travel news, international destinations, expat living, moving abroad, Lifestyle Tips, and digital nomad opportunities. Your next journey starts here—don’t miss a moment! Subscribe Now!
Thank you for reading through this website on IRS tax debt. I thought you might like to know where the money comes from that fuels the Obamanation. You will be surprised that IRS tax revenue comes primarily out of your pocket. Very little IRS tax revenue comes from business or other sources.
According to the IRS, for tax year 2013 (the most recent year available) the mighty collector took in nearly $2.9 trillion dollars, up $331 billion, or 13.1%, from 2012.
The vast majority of this money comes from workers one way or the other. Fifty-three point nine percent came from individual income tax and 31.4% came from employment taxes. This means a staggering 85.3% of IRS tax revenue came from workers.
If you'd like to read the full story, simply enter your email to subscribe to our newsletter.
For even more expert insights, unmissable resources, and exclusive invites, explore our premium subscription offers here.
OR
Already a Subscriber? Click here to login
Subscription required
You've reached your limit of free articles. For full access to Escape Artist, and all of our insights on travel, moving abroad, and the digital nomad life, click here to Subscribe.
Already a Subscriber? Log in here
