Question

Were Social Security and Medicare the largest contributors of revenue for the federal government in Fiscal Year 2019? Explain.(1 point) Responses 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. 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 contributed about $1.542 trillion in Fiscal Year 2019 while individual income taxes only contributed $1.518 trillion. 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 corporate income taxes contributed about $1.242 trillion in Fiscal Year 2019 while Social Security and Medicare taxes only contributed $230.2 billion. 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 made up more than 50% of the revenue in Fiscal Year 2019 with $1.718 trillion.

Answer 1

No, Social Security and Medicare taxes did not make up more than 50% of the revenue in Fiscal Year 2019. Individual income taxes were actually the largest contributors of revenue, totaling $1.718 trillion, while Social Security and Medicare taxes only contributed $1.242 trillion. This means that individual income taxes contributed more to the federal government's revenue than Social Security and Medicare taxes in FY 2019.