sergiozarco17 sergiozarco17

25-06-2024
Social Studies

Answered

Identify two types of taxes at the federal level and describe the economic importance of each.

Answer :

GinnyAnswer GinnyAnswer

25-06-2024

Final answer:

Income taxes and excise taxes are two important federal taxes with distinct purposes and economic impacts.

Explanation:

Income taxes and excise taxes are two types of federal taxes. Income taxes are imposed on the net income of individuals and corporations by the federal government, while excise taxes are levied on specific goods, like gasoline or alcohol. Income taxes are used to fund government activities such as welfare programs, while excise taxes can be earmarked for specific purposes like highway maintenance.

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