Asked by Douglas Hurtado Tobias on Mar 10, 2024
Verified
_____ tax is NOT a major source of revenue for the federal government.
A) Income
B) FICA
C) Profits
D) Property
Federal Government
The national government of a federated state, which shares sovereignty with the individual state or provincial governments.
Property Tax
A tax on the value of property, such as the value of a home.
- Identify the major sources of federal and state revenue.
Verified Answer
CR
Candace RawsonMar 10, 2024
Final Answer :
D
Explanation :
While property taxes are collected at the state and local level, they do not contribute significantly to the federal government's revenue. The main source of revenue for the federal government comes from income taxes, followed by payroll taxes like FICA, and corporate taxes on business profits.
Learning Objectives
- Identify the major sources of federal and state revenue.