BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -State and local governments collect tax revenues from three primary sources: income, sales, and property taxes. Income and sales taxes make up the majority of combined state tax revenue, while property taxes are the largest source of tax revenue for local governments, including school districts.

Detailed explanation-2: -Individual income taxes are the largest source of state tax revenue, though nine states forgo the taxation of wage income.

Detailed explanation-3: -Individual income tax has remained the top source of income for the U.S. government since 2015.

Detailed explanation-4: -About 50 percent of federal revenue comes from individual income taxes, 7 percent from corporate income taxes, and another 36 percent from payroll taxes that fund social insurance programs (figure 1). The rest comes from a mix of sources.