Were Social Security and Medicare the largest contributors of revenue for the federal government in Fiscal Year 2019? Explain.(1 point)

Question

Responses

Yes, because Social Security and Medicare taxes made up more than 50% of the revenue in Fiscal Year 2019 with $1.718 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.
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 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.

Answer 1

The correct response is:

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.

In Fiscal Year 2019, individual income taxes were indeed the largest source of revenue for the federal government, surpassing the contributions from Social Security and Medicare taxes.