Taxes, which are the main source of federal, state and local government revenues, pay for buildings, public education, highways, airplanes, rockets, road signs, and the salaries of millions of government employees. Large amounts of tax revenues are raised from levies on personal incomes, including investment income. The federal income tax is structured to tax different levels of income at different rates, on a gradually increasing scale.Taxes are an important aspect of nearly every person’s life. Your paycheck is adjusted for taxes. Contributions to charitable organizations