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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

What four taxes account for the bulk of federal tax revenues?

To determine

Identify the 4 taxes that account for the majority of federal tax revenues.

Explanation

The tax is the major revenue source of the government. The huge four contributors of the federal tax revenue are listed below:

  • Individual income tax: The income tax is a direct tax paid by the individuals and the firms to the government.
  • Corporate income tax: The corporate income tax is the tax charged by the government on the profit of a corporate. This is because the corporates are legally distinct from the owners...

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