The type of tax that yields the highest amount of revenue to all U.S.governments (federal,state,and local combined)is the _________ tax.The tax that yields the second-highest amount is the ________ tax.The tax that yields the least amount of revenue is the _________ tax.
A) payroll; individual income; wealth
B) payroll; individual income; corporate
C) individual income; payroll; corporate
D) individual income; consumption; wealth

Question

Quizplus · Accepted Answer

According to data from the Congressional Budget Office, the individual income tax yields the highest revenue to all U.S. governments combined, followed by the payroll tax. The corporate tax yields the least amount of revenue compared to these two taxes. Therefore, option C is the correct answer.

The Type of Tax That Yields the Highest Amount of Revenue