Just the Facts on taxes  USAFacts Founder Steve Ballmer is back with a new episode of Just the Facts! Americans file their taxes every year, but how exactly does the system work? Whether you're curious about the tax debates currently going on in DC, how much corporations pay or why some people get refunds without owing anything, this video is here to answer your questions. Some top takeaways:    In 2024, individual income taxes brought in $2.4 trillion, or 49% of all federal revenue, while payroll taxes accounted for another 35%. Corporate income taxes comprised 11% of the total.  Payroll taxes, which totaled $1.7 trillion, are earmarked for Social Security and Medicare. Workers earning the median household income of $80,610 paid approximately $4,998 toward Social Security and $1,169 toward Medicare.  Credits such as the Earned Income Tax Credit and the Child Tax Credit can lead to a refund even if the filer doesn’t owe income tax. For instance, a single head of household with three children and $22,000 in income could owe no taxes but receive a refund of around $12,920.  The top 3% of filers — about 4.7 million people — contributed 50% of federal income tax revenue.  The 2017 Tax Cuts and Jobs Act set corporate tax rate at a flat 21%. Meanwhile, a 15% minimum tax introduced in 2022 ensured that profitable corporations pay at least some federal tax regardless of deductions or credits.  Watch the video