Question : What is the main source of revenue for most governments?
Option 1: Personal income taxes
Option 2: Corporate income taxes
Option 3: Sales taxes
Option 4: Property taxes
Answer (1)
20th Jan, 2024
Correct Answer: Personal income taxes
Solution : The correct answer is (a) Personal income taxes
Personal income taxes tend to be one of the primary sources of revenue for governments. They are typically levied on the income earned by individuals and can be progressive, meaning that higher-income individuals are subject to higher tax rates. Personal income taxes are often collected through payroll deductions from employees' salaries or through annual tax returns filed by individuals.
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