Asked by Derek Lewis on May 06, 2024
Verified
Income taxes and property taxes generate the highest tax revenue for state and local governments.
Income Taxes
Taxes imposed by governments on the income earned by individuals and corporations within their jurisdiction.
Property Taxes
Taxes paid by property owners based on the assessed value of their real estate, typically used to fund local services like schools, roads, and emergency services.
Tax Revenue
The earnings collected by governments via tax imposition.
- Grasp the differences in revenue sources and spending priorities between federal and state/local governments.
Verified Answer
BB
Brisa BuenrostroMay 11, 2024
Final Answer :
False
Explanation :
Sales and gross receipts taxes, along with property taxes, typically generate the highest tax revenue for state and local governments, not income taxes and property taxes.
Learning Objectives
- Grasp the differences in revenue sources and spending priorities between federal and state/local governments.