Asked by Gaspar Francisco on May 07, 2024
Verified
The tax that generates the most revenue for state and local government is the
A) corporate income tax.
B) sales tax.
C) individual income tax.
D) property tax.
Sales Tax
A tax levied on the sale of goods and services, typically calculated as a percentage of the purchase price and collected by the retailer.
Corporate Income Tax
A tax imposed on the net income of companies.
Property Tax
Property tax is a levy on property that the owner is required to pay, typically levied by local governments based on the property's assessed value.
- Identify the primary sources of government revenue and the importance of different types of taxes.
Verified Answer
ZK
Zybrea KnightMay 08, 2024
Final Answer :
B
Explanation :
Sales tax is the largest source of revenue for state and local governments, as it applies to a wide range of goods and services that are frequently purchased by consumers.
Learning Objectives
- Identify the primary sources of government revenue and the importance of different types of taxes.