Question : The federal government generates revenue primarily through:
Option 1: Sales taxes
Option 2: Property taxes
Option 3: Income taxes
Option 4: All of the above
Answer (1)
18th Jan, 2024
Correct Answer: Income taxes
Solution : The correct answer is (c) Income taxes.
The federal government primarily generates revenue through income taxes. Income taxes are levied on individuals and businesses based on their income or profits. This includes individual income taxes, corporate income taxes, and taxes on other forms of income such as capital gains and dividends.
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