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No, excise tax is not the largest source of revenue in the U.S. The largest source of federal revenue comes from individual income taxes, followed by payroll taxes. Excise taxes, which are levied on specific goods and services, contribute a smaller portion to the overall tax revenue.
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Which of the tax gives the maximum revenue in Union Budget?
excise duty
What is the second largest source of tax revenue for the federal government?
The second largest source of tax revenue for the federal government is payroll taxes. These taxes primarily fund Social Security and Medicare programs and are collected from both employees and employers. Payroll taxes constitute a significant portion of federal revenue, following income taxes, which are the largest source.
Is Transaction Tax Arizona's largest source of revenue?
Yes, the Transaction Privilege Tax (TPT) is Arizona's largest source of revenue. It is a tax on the privilege of conducting business in the state and is applied to various transactions, including sales of goods and services. The revenue generated from TPT significantly contributes to the state's budget and funding for public services.
What is an example of excise tax?
An example of an excise tax is the tax imposed on gasoline. This tax is typically included in the price per gallon and is levied by both federal and state governments to generate revenue for transportation infrastructure and maintenance. Other common examples include taxes on tobacco products, alcohol, and certain luxury goods.
Which is the major source of tax revenue for central government?
Citizens.
Which is the largest single source of the Indian government's tax revenue?
excise
What is the largest source of revenue for the Indian government?
Indian government earns maximum revenue from corporation tax..
What is the largest source of revenue for states?
sales tax,property taxes and intergovernmental revenre
Largest single source of the government earning from the tax revenue?
earning tax
What are the two largest sources of revenue for states?
The answer is sales tax and excise tax. Sales tax is charges on purchases of goods and services, usually a percentage of the price. Excise tax is a charge on products such as alcoholic beverages, gasoline, and tobacco.
What are Alberta's main sources of income?
One of the biggest sources of revenue for the Canadian government is income taxes. Another big source of revenue for Canada is consumption taxes.
What is the largest source of Federal revenue in us?
Individual Income Tax <3
Most of this tax revenue comes from the sale of gasoline alcohol and tobacco?
Excise tax
What are the two leading sources of state tax revenue?
the sources of public revenue is tax from citizen also the government can take loans from foreign governments public revenue can also be generated from goodwills to the government and also through international trade.
Which of the tax gives the maximum revenue in Union Budget?
excise duty
What is the second largest source of tax revenue for the federal government?
The second largest source of tax revenue for the federal government is payroll taxes. These taxes primarily fund Social Security and Medicare programs and are collected from both employees and employers. Payroll taxes constitute a significant portion of federal revenue, following income taxes, which are the largest source.
Is Transaction Tax Arizona's largest source of revenue?
Yes, the Transaction Privilege Tax (TPT) is Arizona's largest source of revenue. It is a tax on the privilege of conducting business in the state and is applied to various transactions, including sales of goods and services. The revenue generated from TPT significantly contributes to the state's budget and funding for public services.
