“In this world nothing can be said to be certain, except death and taxes.” – Benjamin Franklin
What is less certain is what those taxes will be called – the tax code continues to get more and more complex every year. The IRS puts out a data report annually about their fiscal year which includes tax collections by the type of tax (Table 6). These numbers are not the final numbers – those numbers are arrived at once all credits and refunds are complete. However, the chart that results is instructive, and it allows us to visualize how the tax code has change over the years to collect revenue from the country in different ways.
In the chart that follows, you can turn off individual categories so you can see how individual categories stack up (and please click through if you are reading this in a RSS reader or email). Note the relative size of the estate and gift taxes. For the amount of interest they receive, they are an insignificant portion of total tax collections.