Using the fiscal year 2017 estimates, the largest component of state and local revenue is the

Question

Quizplus · Accepted Answer

According to fiscal year 2017 estimates, the largest component of state and local revenue is the sales, excise, and gross receipts taxes, accounting for 34.7% of total revenue. Individual income tax is the second largest component, accounting for 29.6% of total revenue, followed by revenue from the federal government (21.9%), and corporate income tax (5.6%). Therefore, choice D is the correct answer.

Using the Fiscal Year 2017 Estimates, the Largest Component of State