Asked by Melissa Jordan on May 09, 2024
Verified
In 2017, federal government collected $3.6 trillion in taxes. Which of the following correctly rank the sources of federal government tax revenue from large to small?
A) Personal income taxes, corporate income taxes, social insurance taxes.
B) Social insurance taxes, personal income taxes, corporate income taxes.
C) Personal income taxes, social insurance taxes, corporate income taxes.
D) Corporate income taxes.social insurance taxes, personal income taxes.
Federal Government Tax Revenue
The income collected by the federal government from taxes, which funds national expenditures such as defense, social services, and infrastructure.
Personal Income Taxes
Taxes levied on the income of individuals or families by the government.
Social Insurance Taxes
Taxes collected to fund public insurance programs, such as retirement pensions, unemployment benefits, and health insurance schemes.
- Pinpoint the fundamental revenue streams for governments and evaluate the criticality of distinct tax types.
Verified Answer
Learning Objectives
- Pinpoint the fundamental revenue streams for governments and evaluate the criticality of distinct tax types.
Related questions
The Tax That Generates the Most Revenue for State and ...
As the Economy's Income Has Grown, the Government Has ...
Individual Income Taxes and Social Insurance Taxes Generate the Highest ...
The Government Raises Revenue Through Taxation to Pay for the ...
Individual Income Taxes Generate Roughly 25% of the Tax Revenue ...