Asked by Shaylie Pickrell on May 27, 2024
Verified
Approximately what percentage of the federal government's tax revenues are generated from personal income taxes (in 2018) ?
A) 75 percent
B) 28 percent
C) 35 percent
D) 51 percent
Personal Income Taxes
Taxes imposed on individuals or entities based on their income or profits earned within a fiscal year.
Federal Government's Tax Revenues
The income obtained by the federal government through taxation, which is used to fund its activities and services.
- Identify the main categories of federal spending and sources of tax revenue.
Verified Answer
BS
Breanna SeawellJun 01, 2024
Final Answer :
D
Explanation :
In 2018, about 51 percent of the federal government's tax revenues came from personal income taxes, making it the largest source of revenue for the government.
Learning Objectives
- Identify the main categories of federal spending and sources of tax revenue.