Taxable vs. Non-Taxable Income: The Differences Explained!
In 2019, 50% of the revenue of the federal government came from individual income tax alone. That amounts to a whopping $1.7 trillion. That’s also on top of the $1.2 trillion generated by the Federal Insurance Contributions Act (FICA) tax. All these make income tax the main source of the US government’s revenue. As…