Income taxes are taxes governments levy on money earned by businesses and individuals. What’s more, they’re also many countries’ largest source of revenue: In the US, individual income taxes made up nearly half of the federal government’s revenue in 2024, while corporate income taxes added another 11% .
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First published in 1926, the US Code is the official codification of federal statutes in the US. Title 26 of the US Code, for instance, lists all of the federal tax laws of the United States. A new edition is published every six years. Learn why the United States Code matters with this explainer.
The US government made nearly half of its total revenue last year from individual income taxes, and this year is shaping up to be similar. The US makes money from a variety of other sources, including Medicare taxes and corporate income taxes. But the deficit continues to grow: The US spent $1.82T more than it made in fiscal 2024. To learn more, check out the federal government’s revenue counter.
Past presidents’ changes to tax codes have inflated the deficit. An expert on the topic explains the interplay between policy and the national budget while debunking 10 tax-related myths in this podcast.
A tax deductible is an expense that a taxpayer or business can subtract from adjusted gross income, reducing their taxable income and therefore reducing the amount of taxes owed. Most Americans take what’s called the standard deduction. Understand how they work, the pros and cons, and more details in this comprehensive overview article.
One of the Internal Revenue Service’s jobs is enforcing the Internal Revenue Code. The Internal Revenue Code is Title 26 of the US Code, which is the official codification of federal statutes in the US. Title 26, also known as the IRS code or IRS tax code, lists the federal tax laws of the United States. Learn more about the Internal Revenue Code here.
This podcast episode takes a lighthearted dive into the history of the IRS, from when the agency was founded and called the Bureau of Internal Revenue, to that one time it had to enforce a national ban on alcohol. Want to learn more? Listen to the podcast episode.
For the 2022 tax year, prank-playing creative studio MSCHF created a dating simulation game that helped taxpayers prepare their income taxes. In “Tax Heaven 3000,” players interact with anime love interest Iris (it’s like IRS), and run through a series of questions that complete their taxes. Iris also warns the player to stay away from tax-preparation companies like TurboTax. Learn about the tax dating game in this article.
The US has a series of tax brackets which grow progressively larger based on the amount of income a taxpayer makes. Contrary to common belief, most people don't pay just one tax bracket, but all of them progressively until they reach their income...
While wages and salaries are taxed progressively at rates up to 37%, long-term investments are taxed at lower rates: 0%, 15%, or 20%. For wealthy individuals like Buffett, whose income mainly comes from investments, this means paying a lower effective tax rate than someone earning a salary.
Tax avoidance isn’t the same as tax evasion. The tax code is full of legal loopholes accountants can use to lighten their clients’ tax burden. NPR shares their (and listeners’) favorite sections of the tax code in this podcast. For instance, large estates can be counted as farms and some cars count as heavy machinery. Listen to this podcast to learn about tax loopholes that range from surprising to legitimately useful.
The United States is home to more than 33 million businesses, the vast majority of which are small businesses, with millions being created (and others closing shop) every year. These businesses often rely on loans, provide the goods and services that keep the economy flowing, and sometimes even grow large enough to enter public markets or provide private investment opportunities. Explore key topics central to business and finance, from the role of the Federal Reserve to how initial public offerings work, how millions of American students finance higher education, and more.