AS per a study, the States
in the USA garner maximum revenue (35%) from property tax; closely followed
by the sales tax (34%). The corporate income tax accounted for only 3%
of the local tax collections. In
2010, 20% of total US state and local tax revenues were collected from
personal income taxes (USD1.27 trillion).
The Study done
by a Tax Foundation has pointed out that the composition of all state and
local revenue has also shifted significantly over time. A century ago, property
taxes provided over 80% of all state and local government funding, while
in recent decades that proportion has fallen to around a third of total tax
receipts. The corporate income tax rose from being non-existent in 1913 to
6% of state and local revenue in 1980, only to fall back to 3.4%
in 2010.
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