Asked by Carlos Iturralde on Jul 02, 2024
Verified
Which statement is false?
A) The federal government collects more in Social Security taxes than in personal income tax.
B) The federal government collects more in Social Security taxes than in corporate income tax.
C) The federal government collects more in personal income tax than in corporate income tax.
D) None is false.
Social Security Taxes
Social Security taxes are taxes levied on both employers and employees to fund the Social Security program, providing benefits for retirees, disabled persons, and survivors.
Personal Income Tax
A tax levied on individuals or households based on their total annual income.
Corporate Income Tax
A tax imposed on the net income or profit of corporations.
- Ascertain the principal origins of revenue at both state and federal levels.
Verified Answer
LN
Latasha Norris6 days ago
Final Answer :
A
Explanation :
According to data from the Congressional Budget Office, the federal government collects more in personal income tax than in Social Security taxes. As of 2020, about 47% of federal revenue came from personal income tax, 36% from payroll taxes (including Social Security taxes), and 7% from corporate income tax. Therefore, statement A is false.
Learning Objectives
- Ascertain the principal origins of revenue at both state and federal levels.