The largest source of revenue for the federal government is__________ and the largest outlay is for__________
A) personal income taxes; Medicare
B) personal income taxes; interest on national debt
C) personal income taxes; transfer payments
D) corporate taxes; Social Security

Question

The largest source of revenue for the federal government is__________ and the largest outlay is for__________ 
A) personal income taxes; Medicare
B) personal income taxes; interest on national debt
C) personal income taxes; transfer payments
D) corporate taxes; Social Security

Quizplus · Accepted Answer

According to the Office of Management and Budget, personal income taxes provide the largest source of revenue for the federal government, while transfer payments (such as Social Security, Medicaid, and other assistance programs) are the largest outlay.

The Largest Source of Revenue for the Federal Government Is__________