What are various revenue sources at each level of government? Explain
What are various revenue sources at each level of government? Explain
Homework Answers
- The largest source of revenue for the federal government is the personal income tax, which accounts for almost half of total federal revenue.
- The next-largest source of federal revenue is the Goods and Services Tax (GST).
- Most important source of revenue for local governments is the property tax.
The major sources of revenue for the country are personal income taxes, payroll taxes, and corporate income taxes. State governments depend largely on sales and excise taxes, and personal income taxes.
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What are various revenue sources at each level of government?
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