The Three Major Taxes Governments Use to Generate Revenue Are

question 98

Multiple Choice

The three major taxes governments use to generate revenue are:

• A) VAT, income tax, and withholding tax.
• B) sales tax, VAT, and income tax.
• C) property tax, VAT, and sales tax.
• D) income tax, property tax, and sales tax.

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Definitions:

Economic Development

Economic development is the process by which a country, region, or community improves the economic, political, and social well-being of its people, often through targeted policies and initiatives to spur growth and reduce poverty.

Watershed Year

A critical turning point marking a moment of significant change in history or in one's life.

International Trade

The exchange of goods, services, and capital across international borders or territories, influencing global economy, politics, and the standard of living.

British Pound

The official currency of the United Kingdom, also known historically as sterling, which is one of the world's oldest currencies still in use.