Were Social Security and Medicare the largest contributors of revenue for the federal government in Fiscal Year 2019? Explain.(1 point)
Responses PICK ONE
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.
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.
1 answer
No, because individual income taxes were the largest contributors of revenue for the federal government in Fiscal Year 2019, not Social Security and Medicare taxes.
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