Income tax is a major source of revenue for the government from "summary" of Income Tax Fundamentals 2021 by Gerald E. Whittenburg,Martha Altus-Buller,Steven Gill
The government relies heavily on income tax as a primary source of revenue. This tax is levied on individuals and businesses based on their income, with the rates varying depending on the amount earned. Income tax is a progressive tax, meaning that the more income a taxpayer earns, the higher the tax rate they are subject to. This system is designed to ensure that those who earn more contribute a larger share of their income to the government. Income tax is collected by the government at both the federal and state levels. The federal government imposes a tax on the income of individuals and businesses nationwide, while state governments have their own income tax systems that apply to residents of their respective states. This dual structure allows for a significant amount of revenue to be generated from inco...
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