Asked by Dathan Trejo on May 26, 2024
Verified
The most important tax in the U.S. economy is the tax on corporations' profits.
Tax
A compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund public expenditures.
Corporations' Profits
The financial earnings that remain for a corporation after all expenses, taxes, and costs have been deducted from total revenue.
- Recognize the primary sources of tax revenue in the U.S. economy and differentiate between types of taxes.
Verified Answer
JB
Jeremi BoothMay 26, 2024
Final Answer :
False
Explanation :
The most important tax in terms of revenue for the U.S. federal government is the individual income tax, not the corporate income tax.
Learning Objectives
- Recognize the primary sources of tax revenue in the U.S. economy and differentiate between types of taxes.