It’s a day that few in America look forward to.

Tax Day is April 15, which means Americans have until Monday to file their 2023 income tax returns or apply for an extension.

As of March 29, the IRS has received More than 90 million tax returns, most of which are submitted electronically. About 68% of the 90 million were refunded, with the average refund amount being $3,050.

But delays are the norm for many, with millions of other tax returns expected to be filed days before next week’s deadline. Most Americans must adhere to the April 15 deadline, but state holidays mean residents of Maine and Massachusetts must adhere to the April 17 deadline.

If individuals are unable to complete their taxes by the deadline, they can apply for an extension from the IRS, which will give them an additional six months.

Common tax deductions include property taxes, charitable contributions, and medical expenses.

The Civil War and its attendant financial demands prompted the first federal income tax in the United States in 1861. The system was modified over the decades, and Congress passed the 16th Amendment in 1909. When ratified in 1913, the Amendment established Congress’s right to impose a federal income tax.

Today, personal income taxes are the U.S. government’s largest source of revenue, according to the Office of Management and Budget.

In fiscal year 2024, the federal government is expected to collect about $2.5 trillion in personal income taxes, accounting for nearly half of the total expected revenue for the year. In comparison, corporate income tax accounts for a much smaller share.

The corporate income tax is expected to bring in $612.8 billion, just 12% of federal revenue this fiscal year.

Tax season can be a sensitive time for some people. Slightly more than half of U.S. adults feel they are paying more than is fair, considering what they receive in return from the federal government. According to a 2023 Pew Research Center survey.

Issues surrounding taxes have long been political issues in the United States.

A majority of Americans (about 6 in 10 U.S. adults) believe corporations and the wealthy do not pay their fair share of taxes, with Democrats more likely than Republicans to feel this way.According to Pew survey.

Nearly two-thirds of Americans support raising taxes on large businesses and corporations, with a sizable majority supporting higher tax rates on households making more than $400,000 a year, according to Pew Research Center data.

Taxing the country’s richest people is once again a top issue in the run-up to November’s presidential election.

In March, President Joe Biden unveiled a plan that would impose more than $4.5 trillion in new taxes over the next 10 years, primarily targeting businesses. He also proposed a 25% tax on those with assets over $100 million.