Using the fiscal year 2014 estimates, the largest component of state and local revenue is the

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According to the fiscal year 2014 estimates, sales, excise, and gross receipts taxes accounted for 34.4% of state and local revenue, which is the largest percentage compared to other revenue sources. Individual income tax accounted for 27.4%, revenue from the federal government accounted for 21.3%, and corporate income tax accounted for 4.1%. Therefore, D) is the best choice as it represents the largest component of state and local revenue.

Using the Fiscal Year 2014 Estimates, the Largest Component of State