What will happen to the govnerment revenue generated by this tax

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Explanation:

The federal government also collects revenue from estate and gift taxes, customs duties, earnings from the Federal Reserve System, and various fees and charges. In total, these sources generated 5.6 percent of federal revenue in 2017. They have averaged between 0.6 and 1.1 percent of GDP since 1965

How much tax revenue does this tax produce for the government?

These revenues come from three major sources: Income taxes paid by individuals: $1.48 trillion, or 47% of all tax revenues. Payroll taxes paid jointly by workers and employers: $1.07 trillion, 34% of all tax revenues

What are the 5 major sources of revenue for the government?

The rest comes from a mix of sources.

Total revenues. ...

Individual Income Tax. ...

Corporate Income Tax. ...

Social Insurance (Payroll) Taxes. ...

Federal Excise Taxes. ...

Other Revenues. ...

Shares of Total Revenue.

How much tax revenue comes from the rich?

The average federal income tax rate of the richest 400 Americans was just 20 percent in 2009. Taxing investment income at a much lower rate than salaries and wages are taxed loses $1.3 trillion over 10 years. 1,470 households reported income of more than $1 million in 2009 but paid zero federal income taxes on it.

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