Illustrate receipts from several sources in Federal Finance

Question

Illustrate how receipts come from several sources in Federal Finance?

Answer 1

Payroll taxes, such as social security contributions, are a close second as source of revenue. Corporate income taxes on corporation profits are the third largest source of revenue. Excise taxes are similar to sales taxes on specific commodities, like alcoholic beverages, tobacco, and gasoline.  They are levied at the wholesale level, so are hidden from the consumer. Global Perspective 5-2 shows that Australia, the United States, and Japan enjoy relatively low tax burdens.