Question

approximately what percentage of the federal government's tax revenue are generated from personal income taxes

Answer 1

Approximately, 55 percentage of the federal government's tax revenue are generated from personal income taxes.

What is federal government's tax revenue?

Government expenditures must be covered by government revenue, which comes from taxes and other sources. In the fiscal year 2023, the United States government has received $318.58 billion.

The income tax is the most prevalent type of federal taxes. The government is able to collect taxes from any individual or firm that makes money during the year thanks to the income tax regulations.

What does personal income tax mean?

Personal income tax is another name for individual income tax. An individual's wages, salaries, and other sources of income are subject to this kind of income tax. This tax is typically a state-imposed tax. Most people do not pay taxes on all of their income because of exemptions, deductions, and credits.

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