Question
Were Social Security and Medicare the largest contributors of revenue for the federal government in Fiscal Year 2019? Explain. (1 point)
Yes, because Social Security and Medicare taxes contributed
• about $1.542 trillion in Fiscal Year 2019 while individual income taxes only contributed $1.518 trillion.
No, because individual income taxes contributed about $1.718
• trillion in Fiscal Year 2019 while Social Security and Medicare taxes only contributed $1.242 trillion.
Yes, because Social Security and Medicare taxes made up
• more than 50% of the revenue in Fiscal Year 2019 with $1.718
trillion.
No, because corporate income taxes contributed about $1.242
• trillion in Fiscal Year 2019 while Social Security and Medicare taxes only contributed $230.2 billion.
Yes, because Social Security and Medicare taxes contributed
• about $1.542 trillion in Fiscal Year 2019 while individual income taxes only contributed $1.518 trillion.
No, because individual income taxes contributed about $1.718
• trillion in Fiscal Year 2019 while Social Security and Medicare taxes only contributed $1.242 trillion.
Yes, because Social Security and Medicare taxes made up
• more than 50% of the revenue in Fiscal Year 2019 with $1.718
trillion.
No, because corporate income taxes contributed about $1.242
• trillion in Fiscal Year 2019 while Social Security and Medicare taxes only contributed $230.2 billion.
Answers
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Answered by
GPT 3.5
No, because individual income taxes were actually the largest contributor of revenue for the federal government in Fiscal Year 2019, bringing in about $1.718 trillion. Social Security and Medicare taxes contributed about $1.542 trillion. Corporate income taxes were also a significant contributor, bringing in $230.2 billion.
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