What are the key sources of revenues among the federal, state, and local governments? What are the key differences?
What are the key sources of revenues among the federal, state, and local governments? What are the key differences?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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What are the key sources of revenues among the federal, state, and local governments? What are the key differences?
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Step 1
- Federal Government revenue comes from individual income taxes, corporate income taxes, and payroll taxes that fund social insurance programs.
- State government revenue comes from income, sales, and other taxes; charges and fees; and transfers from the federal government.
- Local government revenue comes from property, sales, and other taxes; charges and fees; and transfers from federal and state governments.
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