Breakdown of revenues for US Federal Government in 2023. CBO data on share of U.S. federal revenues collected by tax type from 1967 to 2016. Payroll taxes, paid by all wage earners, have increased as a share of total federal taxrevenues, while corporate taxes have fallen. In FY 2024, the IRS collected revenue of $5.1 trillion on an appropriated budget of $12.3 billion.17 That translates to a remarkable return on investment of 415:1. Paradoxically, the tighter the rest of the federal budget becomes... What is the biggest expenditure in the federal budget today? IRS postpones various tax filing and tax payment deadlines for hurricane victims located in North Carolina. Affected taxpayers will have until May 1, 2025, to file returns and pay any taxes that were originally due during this period. The InternalRevenueService ranked first among Department of the Treasury divisions in net spending in2024. TREAS net spending by division, FY 2024. Source: Office of Management and Budget and US Department of the Treasury. Pre-Budget2024, Taxpayers, Tax Slab Reforms. In the upcoming Union Budget2024, the taxpayers are demanding reforms in tax slabs and rates applicable to individual taxpayers. A tax slab is an income range attracting a specific tax rate.