The annual tax filing season began again in late January, and over the next few months, tax burdens will be top of mind for many Americans as they prepare their 2023 returns.
Though filers may dread the annual process, tax collections are critical for all levels of government in determining revenues, setting budgets, and ultimately providing public services. While states and localities more heavily rely on sales taxes, property taxes, or other types of taxation for funding, many also depend on personal income taxes as part of their revenue mix. In the third quarter of 2023 alone, state and local governments collected $119 billion in individual income taxes, which represented 28.8% of total tax revenue.
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