Which is the correct order of importance in terms of revenue collected among the following federal taxes?
A)(1) corporate income taxes (2) value-added taxes (3) excise taxes
B)(1) personal income taxes (2) corporate income taxes (3) sales taxes
C)(1) payroll taxes (2) personal income taxes (3) federal excise taxes
D)(1) personal income taxes (2) payroll taxes (3) corporate income taxes

Question

Which is the correct order of importance in terms of revenue collected among the following federal taxes?
A)(1) corporate income taxes (2) value-added taxes (3) excise taxes 
B)(1) personal income taxes (2) corporate income taxes (3) sales taxes 
C)(1) payroll taxes (2) personal income taxes (3) federal excise taxes 
D)(1) personal income taxes (2) payroll taxes (3) corporate income taxes

Quizplus · Accepted Answer

Personal income taxes are the largest source of revenue for the federal government, followed by payroll taxes and then corporate income taxes.

Which Is the Correct Order of Importance in Terms of Revenue