The largest source of federal government revenue is

Question

Quizplus · Accepted Answer

According to the Congressional Budget Office (CBO), individual income taxes accounted for 50% of all federal revenue in 2020, making it the largest source of revenue. Payroll taxes, including Social Security and Medicare taxes, were the second largest source of revenue at 36%, followed by corporate income taxes at 7%. Sales and excise taxes and tariffs on imported goods and other customs fees and duties each accounted for less than 3% of federal revenue in 2020.

The Largest Source of Federal Government Revenue Is