by 
The Curious Bag
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The U.S. Federal income tax, including payroll, personal and corporate taxes, provides the largest source of operating funds for the federal government. The personal income tax is the largest revenue source of the three.
History
The 16th Amendment to the U.S. Constitution authorized collection of an income tax. The states ratified the amendment in 1913.
Types
The U.S. levies a personal income tax and a corporate income tax. In addition, the U.S. government collects a payroll tax, which funds the Social Security system.
Function
The income tax system funds most U.S. government operations, including national defense, public infrastructure (such as federal interstate highways), a judicial system, and aid to state and local governments.
Features
The personal income tax features a graduated system, meaning the higher your income, the higher your tax rate. The system includes many deductions, such as mortgage interest and charitable contributions.
Size
Tax cuts during President George W. Bush's administration lowered the top U.S. income tax rate from 39.6 percent to 33 percent, and set the minimum rate at 10 percent.
Identification
The Internal Revenue Service (IRS), an agency of the U.S. Treasury Department, is responsible for collection of income taxes in the United States.
Source:
U.S. Department of the Treasury: Economics of Taxation
U.S. Department of the Treasury: U.S. Tax Fact Sheet
Resource:
Internal Revenue Service
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