ECONOMICS
FISCAL POLICY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Excise taxes
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Corporate income taxes
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Personal income taxes
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FICA
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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: -Sources of Federal Revenue So far in FY 2023, individual income taxes have accounted for 52% of total revenue while Social Security and Medicare taxes made up another 34%. Government revenue also comes from payments to federal agencies like the U.S. Department of the Interior.
Detailed explanation-3: -Detailed Solution. The correct answer is Corporate Tax. Corporate tax is the single largest source of income to the government of India.
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: -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