Back to Up to Us: U Texas

Which of the following taxes represent the largest source of income for the Federal government?

  • Sales Tax (15% people answered this)
  • Payroll Tax (18% people answered this)
  • Individual Income Tax (66% people answered this)

280 people answered.

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Correct answer is: Individual Income Tax

The individual income tax represents the largest source of revenue for the U.S. government, followed by the payroll tax.

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University of Texas at Austin is participating in Up to Us, a nationwide competition to educate and engage campus communities on the issue of our federal government’s long-term debt. Our team consists of 5 UT-Austin students focused on engaging students on the fiscal issue. Many economists believe that a debt-to-GDP ratio of 60 percent or less is a desirable fiscal goal. The U.S. public debt is 70 percent, and the Congressional Budget Office predicts that it will climb to nearly 100 percent of GDP by 2024 and more than 200 percent by 2040. Unless this situation is addressed, the federal government will have to issue a massive amount of debt over the next 25 years that would jeopardize the long-run growth and stability of our economy. Have a voice in our country’s future. It’s Up to Us! Join us Twitter: https://twitter.com/UptoUsUTexas



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