ECONOMICS
FISCAL POLICY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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user fees
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Federal income Tax
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national Sales Tax
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Transfer Payments
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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: -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-3: -The largest source of tax revenue for the U.S. federal government is: personal income taxes. The largest category of federal spending is for: pensions and income security.
Detailed explanation-4: -The government spend the largest portion of its revenue on national defense, Social Security, Medicare, and Medicaid, and programs to support those unable to support themselves. inflation. Which of the following is the single largest federal expenditure? local government.
Detailed explanation-5: -19 % Social Security. 15 % Health. 14 % Income Security. 12 % National Defense. 12 % Medicare. 11 % Education, Training, Employment, and Social Services. 8 % Net Interest. 4 % Veterans Benefits and Services. More items