________ and ________ are the largest sources of revenue collected by the federal government.
A)Individual income taxes; corporate income taxes
B)Individual income taxes; social insurance taxes
C)Corporate income taxes; excise and other taxes
D)Excise and other taxes; individual income taxes

Question

Quizplus · Accepted Answer

According to data from the Congressional Budget Office, individual income taxes and social insurance taxes (which include payroll taxes for Social Security and Medicare) are the two largest sources of revenue collected by the federal government. In 2019, individual income taxes accounted for 50% of total federal revenues and social insurance taxes accounted for 36%. Corporate income taxes and excise and other taxes each accounted for less than 10% of total federal revenues.

________ and ________ Are the Largest Sources of Revenue Collected

and Are the Largest Sources of Revenue Collected