Trump correctly points out that tariffs, at one time, served as the principal source of federal government revenue. From the nation's founding until the Civil War, tariffs generated 90% of federal ...

and is the largest source of federal revenue. In 2024, the IRS collected $823 billion in individual taxes—amounting to 52 percent of total revenue, according to the Treasury Department.

Mr. Trump correctly points out that tariffs, at one time, served as the principal source of federal government revenue. From the nation’s founding until the Civil War, tariffs generated 90 percent of ...

Understanding federal tax brackets and how they work is key for effective financial planning, especially as you navigate your income, tax credits and deductions, and potential tax strategies.

The Constitution grants Congress the power to tax, and that authority is enacted under the Internal Revenue Code, which is part of federal law. The code breaks down how much tax can be levied on ...

While tariffs were a major source of federal revenue during the 19th century, U.S. spending levels have since increased significantly, Durante said. The U.S. federal government in 2023 spent 22.7% ...