ECONOMICS
FEDERAL RESERVE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
corporate income tax
|
|
|
Medicare payroll taxes
|
|
|
borrowing
|
|
|
individual income tax
|
Detailed explanation-1: -The individual income tax has been the largest single source of federal revenue since 1950, amounting to 46 percent of the total and 8 percent of gross domestic product (GDP) in 2014.
Detailed explanation-2: -Individual income tax has remained the top source of income for the U.S. government since 2015.
Detailed explanation-3: -The primary source of revenue for the U.S. government in 2022 was Individual Income Taxes. Revenue collected by the U.S. government is used to fund a variety of goods, programs, and services to support the American public and pay interest incurred from borrowing.
Detailed explanation-4: -Personal income tax is the biggest revenue source. Q. Tax is a major source of revenue for the government.
Detailed explanation-5: -The 5 major sources of revenue for the Government are Goods and Services Tax (GST), Income tax, corporation tax, non-tax revenues, union excise duties . You can read about the Taxation System in India – Types, GST, VAT, Objectives, Limitation in the given link. Download The E-Book Now!