Which of the following is the largest source of tax revenue for the U.S. federal government?
A)personal income taxes
B)corporate profit taxes
C)sales taxes
D)social insurance taxes

Question

Quizplus · Accepted Answer

Personal income taxes generated approximately 50% of the total federal tax revenue in 2020, making it the largest source of tax revenue for the U.S. federal government. Corporate profit taxes only accounted for about 7%, sales taxes are primarily collected by state and local governments, and social insurance taxes (such as those for Social Security and Medicare) are specific taxes that go towards those programs rather than the overall federal budget.

Which of the Following Is the Largest Source of Tax