Which of the following statements about federal government finances is not corre
ID: 379599 • Letter: W
Question
Which of the following statements about federal government finances is not correct?
The federal government levies no general sales tax.
The federal government levies three general types of income taxes.
The corporate income tax is the second largest source of total revenue for the federal government.
None of the above.
The federal government levies no general sales tax.
The federal government levies three general types of income taxes.
The corporate income tax is the second largest source of total revenue for the federal government.
None of the above.
Explanation / Answer
The statement which is not correct about the federal goverment finance is the corporate income tax is the second largest source of total revenue for the federal goverment as because payroll taxes are still the second largest source of total revenue for the federal goverment.