During the 1915–1919 fiscal years, income tax revenues comprised app

During the 1915–1919 fiscal years, income tax revenues comprised approximately 53% of total federal revenues. Today, over 80% of total tax revenues are raised through income taxes.

Indicate whether the statement is true or false

ANSWER

False (Income taxes account for less than 50 percent in total tax revenue today. Other contemporary revenue streams include social insurance receipts, corporate income taxes, excise taxes and other taxes.)