Final answer:
Taxes are the major source of government revenue, with income, sales, and property taxes being key components at both federal and state/local levels. State and local governments also receive significant revenue from federal transfers and impose various fees and charges.
Step-by-step explanation:
The major source of revenues for governments is generally from taxes. This includes a variety of taxes such as income, sales, property, and excise taxes.
At the federal level, the U.S. government raises revenue through individual and corporate income taxes, and to a lesser extent through excise taxes on goods like gasoline, tobacco, and alcohol.
At the state and local levels, the revenue is mainly derived from sales taxes, property taxes, and transfers from the federal government.
Personal and corporate income taxes, as well as fees and charges, also contribute to state and local government revenues. It's important to note that the specific sources of tax revenue can vary significantly depending on the state or locality.
According to the provided information, taxes generate well over one-half of the total revenue for local and state governments, making it the most accurate statement about the sources of revenue for these levels of government.
Other sources such as grants from the federal government, property tax collections, and fees for licenses and certificates also play a role but to a lesser extent.