Chapter 17 - approximately 10 questions Understand the sources of government tax

Question

Chapter 17 - approximately 10 questions Understand the sources of government tax revenue Understand the components of government spending / Demonstrate how individual income taxes are calculated / Describe the distribution of the tax burden in the US / Describe the national debt held by the public / Explain the problems with the national debt held by the public / Know these terms: marginal tax rate, average tax rate, progressive tax, flat tax, regressive tax, national debt held by the public, deficit

Explanation / Answer

First question is answered below

1.

The three major sources of government tax revenue are:

A) Income taxes (make the most of the tax revenue)

B) Payroll taxes (tax on employees and employers)

C) Corporate income taxes (taxes imposed on business profits)

Others include excise taxes, license fees etc.

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