Since it’s tax day, I thought I’d flashback to a drill down I did on the tax system — who pays in, where does it go and who benefits …
In a prior post, we drilled down on taxes … or, as my Dem friends would say government “revenues”.
We posted that in 2012 Americans paid a tad over $5 trillion in taxes to the Feds, States and Local Governments.
Drilling down, the $5 trillion is split roughly 50%-30%-20% to the Feds, States and Locals, respectively. Note that the Federal portion is just under $2.5 trillion.
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If these are “revenues” there must be matching services provided, right?
I found a study by the non-partisan Tax Foundation that analyzes taxes paid and benefits received.
The study is old – using 2004 data – but, in my opinion is a good starting point to calibrate the answer.
The Homa Files 