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Questions And Case Study.edited

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Economics
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North Carolina State University
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Taxes Questions and Case Study
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TAXES QUESTIONS AND CASE STUDY 2
Task 1: Short Answer Questions
Question 1
The sources of revenue for state governments include revenue from income, sales as well
as other taxes, charges, and fees, federal government transfers. On the other hand, the local
government's revenue sources comprise excise taxes, charges from the users, personal income
taxes, taxes from the payroll, and general consumption taxes. Intergovernmental transfers from the
central government as well as from state to local governments may be classified as the main
sources of revenue that are added. Others may include charges that are directed for utilities,
licenses, or entities like higher education institutions and trusts for insurance. Sales and gross
receipts taxes are the other main sources of state and local government tax revenue. Both general
sales and selective sales taxes are included in this category of tax revenue.
Personal and corporate income taxes make up a very small proportion of the state and local
tax revenue. The three primary sources of tax revenues collected for both the state and local
governments are taxes on property, income taxes, and sales taxes (Mikesell, 2018). The revenue
structures for the state and local government differ in such a way that taxes form the income, and
sales are the major sources of the tax revenue of the state when combined. Whilst, the local
government combined tax revenue comprises of the property taxes, which are the main and large
section of tax revenue. These entail the school districts. The sourced own source revenue includes
income taxes and consumption taxes. Income taxes comprise personal income tax, corporation
income tax, mining and logging taxes, taxes on payments to non-residents, and other income taxes.
Consumption taxes include general sales tax, alcoholic beverage taxes as well as tobacco
tax, amusement tax, gasoline and motive fuel taxes, custom duties taxes, remitted liquor profits.

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1 Taxes Questions and Case Study Student Name Institutional Affiliation Course Name Tutor Name Due Date TAXES QUESTIONS AND CASE STUDY 2 Task 1: Short Answer Questions Question 1 The sources of revenue for state governments include revenue from income, sales as well as other taxes, charges, and fees, federal government transfers. On the other hand, the local government's revenue sources comprise excise taxes, charges from the users, personal income taxes, taxes from the payroll, and general consumption taxes. Intergovernmental transfers from the central government as well as from state to local governments may be classified as the main sources of revenue that are added. Others may include charges that are directed for utilities, licenses, or entities like higher education institutions and trusts for insurance. Sales and gross receipts taxes are the other main sources of state and local government tax revenue. Both general sales and selective sales taxes are included in this category of tax revenue. Personal and corporate income taxes make up a very small proportion of the state and local tax revenue. The three primary sources of tax revenues collected for both the state and local governments are taxes on property, income taxes, and sales taxes (Mikesell, 2018). The revenue structures for the state and local government differ in such a way that taxes form the income, and sales are the major sources of the tax revenue of the state when combined. Whilst, the local governme ...
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