1. Federal versus state and local government The U.S. federal government collect

Question

1. Federal versus state and local government The U.S. federal government collects about two-thirds of the taxes in the U.S. economy, while state and local governments collect the rest. T following questions will help you understand how each government branch obtains and spends its revenue. In the following table, identify which government branch collects each of the taxes listed on the left. Check all that apply. Collected By Federal Government State and Local Government Tax Sales tax Social insurance taxes Corporate income taxes

Explanation / Answer

Sales tax : - State and local government

Social insurance taxes :- Federal government

Corporate income taxes:- Federal government & State and local government.

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