During the 1915–1919 fiscal years, income tax revenues comprised approximately 53% of total federal revenues. Today, over 80% of total tax revenues are raised through income taxes
Indicate whether the statement is true or false
False (Income taxes account for less than 50 percent in total tax revenue today. Other contemporary revenue streams include social insurance receipts, corporate income taxes, excise taxes and other taxes.)
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The U.S. oil industry has only a few firms in it, so an economists is likely to describe the industry as
A) a monopoly. B) an oligopoly. C) perfectly competitive. D) monopolistically competitive. E) Both answers C and D can be correct.
In the above table, the average product is less than the marginal product
A) when the first worker is hired. B) when the second worker is hired. C) when the third worker is hired. D) for the entire range of output given.
Each of the following would shift a nation's production possibilities frontier outward, but which is least likely to be accompanied by an increase in the standard of living?
a. population growth b. increased investment in private physical capital c. increased investment in human capital d. technological advances e. increased investment in infrastructure
Which term is used when the price is above the equilibrium price?
a. shortage b. surplus c. equilibrium d. no market