Personal income taxes are the largest source of revenue for the government.

Question

True

False
Question 60
Question 60

Answer 1

False.

While personal income taxes are a significant source of revenue for the government, they are not the largest source. In many countries, including the United States, the largest source of revenue for the federal government typically comes from payroll taxes (such as Social Security and Medicare taxes), followed by individual income taxes and then corporate taxes.