ECONOMICS
FISCAL POLICY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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income tax
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property tax
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sales tax
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excise tax
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Detailed explanation-1: -Additional sources of tax revenue consist of excise tax, estate tax, and other taxes and fees. So far in FY 2023, individual income taxes have accounted for 60% of total revenue while Social Security and Medicare taxes made up another 34%.
Detailed explanation-2: -In the United States, individual income taxes (federal, state, and local) were the primary source of tax revenue in 2021, at 42.1 percent of total tax revenue.
Detailed explanation-3: -In the fiscal year of 2021, the state of California collected a total of 248.19 billion U.S. dollars in tax revenue, the highest of any state.
Detailed explanation-4: -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!
Detailed explanation-5: -The correct option is C Union Excise Duties Among the tax revenues of the union government, the most important source is: Q. Which among the following is a source of non-tax revenue for the government?