Question 1
What are the three major categories of revenues for the federal government? The different kinds of taxes imposed by the federal government allow it to raise trillions of dollars in tax revenues (Tax Policy Center, 2013). The trillion in dollar revenues raised by the federal government come from three major sources; individual income taxes, payroll taxes and corporate income taxes. Major sources of revenue accounts for 46 percent from individual income taxes, 34 percent from payroll taxes and 11 percent corporate income taxes (National Priorities, 2013a).
The three categories of revenues for the federal government are as follows;
- Individual Taxes Individual taxes are the most prominent category of ...
