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WebJul 28, 2024 · In fiscal year 2024, the federal government is estimated to spend $5.8 trillion, amounting to 23.5 percent of the nation’s gross domestic product (GDP). Of that $5.8 … WebDec 13, 2024 · Raising health taxes is a SMART policy because it: Saves lives . Tobacco, alcohol and sugar-sweetened beverages taxes are all effective and cost-effective ways of reducing consumption, preventing diseases and injuries and saving lives. Mobilises revenue . Health taxes can be a revenue booster over the short and medium term. WebJul 25, 2024 · In 2024, individual and payroll tax revenue accounted for 85% of the government’s revenue. The percentage was about the same for 2024. Income tax made up 55% of the 85%. So overall, income tax ... how do period simulators work