Asked by kirston seldon on May 12, 2024
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In 2014, the largest source of receipts for state and local governments was corporate income taxes.
Corporate Income Taxes
Taxes imposed on the net income (profit) of corporations.
State
A political organization or entity occupying a definite territory and having centralized government with the power to make and enforce laws without external control.
Local Governments
Administrative bodies that manage and govern specific areas or regions within a country, providing public services and infrastructure.
- Understand the fundamentals of tax generation and the types of taxes collected by state and local governments.
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Learning Objectives
- Understand the fundamentals of tax generation and the types of taxes collected by state and local governments.
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