1 View

Question : Which of the following is a common source of revenue for state governments in the United States?

 

Option 1: Property taxes
 

Option 2: Sales taxes
 

Option 3: Income taxes

 

Option 4: All of the above


Team Careers360 23rd Jan, 2024
Answer (1)
Team Careers360 24th Jan, 2024

Correct Answer: All of the above


Solution : The correct answer is (d) All of the above.

State governments in the United States commonly generate revenue from a variety of sources, including property taxes, sales taxes, and income taxes. Let's look at each option:

(a) Property taxes: Property taxes are levied on real estate and personal property owned by individuals and businesses within a state. These taxes contribute to the revenue of state governments.

(b) Sales taxes: Sales taxes are imposed on the sale of goods and services. State governments often levy sales taxes on retail purchases made within their jurisdiction, generating revenue for their budgets.

(c) Income taxes: State governments have the authority to impose income taxes on individuals and businesses. Income taxes are levied based on the income earned by individuals or the profits of businesses operating within the state.

Therefore, all three options—property taxes, sales taxes, and income taxes—are common sources of revenue for state governments in the United States. Hence, the correct answer is (d) All of the above.

Related Questions

UPES Integrated LLB Admission...
Apply
Ranked #28 amongst Institutions in India by NIRF | Ranked #1 in India for Academic Reputation by QS University Rankings | 16.6 LPA Highest CTC
SLAT 2025 - The Symbiosis Law...
Apply
Conducted by Symbiosis International (Deemed University) | Ranked #5 in Law by NIRF | Ranked #2 among best Pvt Universities by QS World Rankings
Jindal Global Law School Admi...
Apply
Ranked #1 Law School in India & South Asia by QS- World University Rankings | Merit cum means scholarships
Symbiosis Law School Pune Adm...
Apply
NAAC A++ Accredited | Ranked #5 by NIRF
Nirma University Law Admissio...
Apply
Grade 'A+' accredited by NAAC
ISBR Business School PGDM Adm...
Apply
180+ Companies | Highest CTC 15 LPA | Average CTC 7.5 LPA | Ranked as Platinum Institute by AICTE for 6 years in a row | Awarded Best Business Scho...
View All Application Forms

Download the Careers360 App on your Android phone

Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile

150M+ Students
30,000+ Colleges
500+ Exams
1500+ E-books