As a source of revenue, the Federal corporate income tax is larger than the Federal individual income tax.

Question

Quizplus · Accepted Answer

According to data from the Congressional Budget Office, in fiscal year 2021, the Federal individual income tax is projected to generate $1.9 trillion in revenue, while the Federal corporate income tax is projected to generate $224 billion in revenue. Therefore, the Federal individual income tax is larger than the Federal corporate income tax.

As a Source of Revenue, the Federal Corporate Income Tax