00:00It's tax time again, which means it's time for you to hand over your taxes to funds of federal, state
00:05and local governments.
00:06According to Money Talks News, the Tax Foundation recently took a dive into tax data to uncover which tax payments
00:14provide the most money to governments.
00:16Here's what was uncovered.
00:18A variety of taxes provide a different amount of money to federal, state and local governments.
00:23The top source of government revenue as a share of total tax revenue in the U.S. was individual income
00:29tax at 42.1%.
00:32Social security taxes, a form of payroll tax in the U.S., takes up 23.8% and consumption taxes
00:39take up 16.6%.
00:42A consumption tax is a fee that you pay when you buy a good or service.
00:46The additional sources of government revenue as a share of total tax revenue in the U.S. include property taxes,
00:5311.4%, corporate taxes, 6% and other taxes, 0.1%.
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