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How much money is raised annually through federal income tax?

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Quick Answer

The federal income tax raises about $1.4 trillion each year, as of 2014. This number doesn't include taxes that individuals and businesses pay for Medicare and Social Security. Those payroll taxes raise another $1 trillion, according to Bloomberg Business.

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How much money is raised annually through federal income tax?
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Full Answer

The average tax rate for all Americans is 10.1 percent, although some individuals pay less and some pay more. About 32 million Americans claim the earned income tax credit, which can negate their entire income tax bill and result in a credit depending on their income, Bloomberg notes. In addition to income and payroll taxes, the federal government charges excise taxes on many purchases, including airline tickets, cigarettes and gasoline. The 2014 excise taxes raised $93.4 billion.

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