What are the three largest sources of tax revenue for the U.S. federal government?
A) corporate income tax, excise taxes, and Social Security/Medicare
B) individual income tax, corporate income tax, and sales tax
C) Social Security/Medicare, corporate income tax, and custom duties
D) individual income tax, Social Security/Medicare, and corporate income tax

Question

Quizplus · Accepted Answer

According to the latest data from the Congressional Budget Office, the three largest sources of tax revenue for the U.S. federal government are individual income tax (47%), Social Security/Medicare (35%), and corporate income tax (7%). Therefore, option D, which includes these three taxes, is the best choice. Options A and B are incorrect because they do not include individual income tax, which is the largest source of tax revenue. Option C is also incorrect because it lists custom duties, which only account for a small percentage of federal tax revenue.

What Are the Three Largest Sources of Tax Revenue for the U.S