At the federal level, the single most important tax, accounting for slightly less than half of revenue, is the:
A) corporate income tax.
B) personal income tax.
C) estate tax.
D) property tax.
E) sales tax.

Question

Quizplus · Accepted Answer

The personal income tax is the single most important tax at the federal level, accounting for slightly less than half of revenue. This tax is levied on the income of individuals and households, and rates vary based on income level. The corporate income tax, estate tax, property tax, and sales tax all generate significant revenue for the government, but not as much as the personal income tax.

At the Federal Level, the Single Most Important Tax, Accounting