How the US Tax System works

Below is a great infographic by the Peter G. Peterson Foundation. By the way, everyone pays taxes, even the lowest income Americans.

About the Foundation and Peterson.

  • Established In 2008, Peter G. Peterson was a former US Secretary of Commerce and founder of the Blackstone Group, a financial services company. Peterson committed $1 billion to create the Peter G. Peterson Foundation, an organization dedicated to addressing economic and fiscal “sustainability challenges that threaten America’s future.”
  • Peter G. Peterson opposed the Republican 2017 tax reforms, because they would cut corporate and other taxes by raising the debt. “Mortgaging our fiscal future for trillions in temporary tax cuts will hurt our economy over time, and every C.E.O. should know that,” he said. “True business patriots need to advocate for their country as well as their company.

 

How the U.S. Tax System Works

How the U.S. Tax System Works, courtesy of Peter G. Peterson Foundation

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