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List six taxation methods for raising revenue that Congress uses today, and give a one-sentence explanation of each.

User Panako
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Final answer:

The U.S. government uses six taxation methods for raising revenue: Individual Income Tax, Corporate Income Tax, Sales Tax, Excise Tax, Property Tax, and Customs and Tariffs.

Step-by-step explanation:

The U.S. government uses six taxation methods for raising revenue:

  1. Individual Income Tax: This tax is based on an individual's earnings and is collected by the federal government.
  2. Corporate Income Tax: This tax is based on the profits of a corporation and is collected by the federal government.
  3. Sales Tax: This tax is applied to the purchase of goods and services and is collected by state and local governments.
  4. Excise Tax: This tax is levied on specific goods like gasoline, alcohol, and tobacco and is collected by the federal, state, and local governments.
  5. Property Tax: This tax is based on the value of owned real estate and is collected by state and local governments.
  6. Customs and Tariffs: These taxes are imposed on foreign imports and are collected by the federal government, although they are less important today as a source of revenue.

User Christoffer Reijer
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