Asked by Leticia Miranda on Apr 25, 2024
Verified
Sales taxes generate nearly 50% of the tax revenue for state and local governments.
Sales Taxes
Taxes imposed on sales of goods and services, typically calculated as a percentage of the selling price.
Tax Revenue
The financial income governments receive through taxing.
- Comprehend the significance of sales taxes for state and local government revenue.
Verified Answer
1G
1102_SHASHANK GUPTA6 days ago
Final Answer :
False
Explanation :
Sales taxes are a significant source of revenue for state and local governments, but they do not generate nearly 50% of the tax revenue. Property taxes and income taxes also contribute substantially to state and local government revenue.
Learning Objectives
- Comprehend the significance of sales taxes for state and local government revenue.
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