A tax is a compulsory financial levy on the purchase, sale, use, or ownership of a good, service, or income of an individual. It is the most common way for market economies to fund their governments. Taxes have existed since ancient times and have been used in slave, feudal, capitalist, and market socialist societies.
Under capitalism, taxes seriously reduce real wages for workers. Socialist countries usually have low taxes that are used to improve the economy and on social and cultural services.[1]
By country
United States
The U.S. federal government spent $4.546 trillion of money gained through income taxes in 2023. It spent 37% of the budget ($1.665 trillion) on the military, including $730 billion on the Department of Defense, $54 billion on the Department of Homeland Security, and $32 billion on nuclear weapons.[2]
References
- ↑ Economics Institute of the Academy of Sciences of the U.S.S.R (1954). Political Economy: 'Wages in Socialist Economy'. [PDF] London: Lawrence & Wishart. [MIA]
- ↑ "Where Your Income Tax Money Really Goes" (2023). War Resisters League. Archived from the original on 2023-06-16.