Which of the following forms of taxation provides the largest component of federal government taxation revenues?
A)Personal income tax
B)Corporate income tax
C)Goods and services tax
D)Employment insurance premiums

Question

Quizplus · Accepted Answer

Personal income tax provides the largest component of federal government taxation revenues. In the fiscal year 2019-2020, personal income tax accounted for approximately 51% of total federal tax revenues, while corporate income tax accounted for only 7.6%, goods and services tax accounted for 13.8%, and employment insurance premiums accounted for 6.1%.

Which of the Following Forms of Taxation Provides the Largest