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Principles of Financial Planning

Question 2 • Personal Finance - EL3403

Income taxes paid by businesses and corporations make up about of federal revenue.

Answer
A
9%
B
40%
C
42%

Explanation

Corporate income taxes make up about 9% of federal revenue. Most federal revenue comes from individual income taxes and payroll taxes, so 40% or 42% would be much too high for business and corporate income taxes alone. The correct choice is 9%.

AI-written and checked against the verified answer.

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