What is the single largest source of revenue for the federal government? a. corporate income taxes c. individual income taxes b. fica taxes d. user fees select the best answer from the choices provided a b c d

The largest source of revenue for the federal government is: c) individual income taxes.

Explanation:

To understand this answer we need to analyze all the options. First of all, corporate income taxes contribute 9% of the federal government source of revenue.

Second, FICA taxes are a big contributor providing 35% of the total federal government source of revenue. However, individual income taxes provide 48% of the total federal government source of revenue.

Interestingly, corporate tax is significantly lower than FICA and personal income tax. But it is because every person who is the owner of a company or a portion of it gets taxed for the wealth he or she makes by personal income tax.

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