Of the following sources of tax revenue for state and local governments, which was the smallest in 2018?
A) sales taxes.
B) the corporate income tax.
C) the property tax.
D) the individual income tax.

Question

Quizplus · Accepted Answer

The corporate income tax typically generates less revenue for state and local governments compared to sales taxes, property taxes, and individual income taxes. This is because the tax base for corporate income taxes is narrower, focusing only on the profits of corporations, whereas the other sources have broader bases, such as sales transactions, property ownership, and individual incomes.

Of the Following Sources of Tax Revenue for State and Local