The three most important sources of Federal tax revenue in the order of descending importance are:
A. Sales, payroll, and personal income tax.
B. Personal income, corporate income, and sales taxes.
C. Personal income, corporate income, and payroll taxes.
D. Personal income, payroll, and corporate taxes.
Related textbook solutions
Related questions
1.If individual income tax accounts for more total revenue than the payroll tax in the U.S., why would over half the households in the country pay more in payroll taxes than in income taxes?
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income tax is a proportional tax |
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income tax is a progressive tax |
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payroll tax is a regressive tax |
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payroll tax is a progressive tax |
2.If the state of Washington's government collects $75 billion in tax revenues in 2013 and total spending in the same year is $74.8 billion, the result will be a:
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budget deficit. |
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budget surplus. |
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the decrease in the payroll tax. |
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the decrease in proportional taxes. |
3.If South Dakota's governor reports a budget surplus in 2011, that state government likely:
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received more in taxes than it spent in that year. |
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increased the proportional tax level. |
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equalized spending and taxes in that year. |
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increased the corporate income tax rate. |
4.If government tax policy requires Peter to pay $15,000 in tax on the annual income of $200,000 and Paul to pay $10,000 in tax on the annual income of $100,000, then the tax policy is:
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optional. |
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progressive. |
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proportional. |
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regressive. |
5.In 2010, Microsoft will pay corporate income tax to the federal government based on the company's __________________.
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proportional tax rate |
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corporate profits |
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optional tax rate |
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excise profits |
