Question

Which of the following taxes are commonly assessed by state and/or local governments?

a) Gift tax
b) Property tax
c) Estate tax
d) Sales tax
e) Income tax

Answer 1

State and local governments often impose Property tax, Sales tax, and Income tax, whereas Gift tax and Estate tax are more commonly federal taxes.

Step-by-step explanation:

The taxes commonly assessed by state and/or local governments include: b) Property tax, d) Sales tax, and e) Income tax. Gift tax and estate tax are typically levied at the federal level. State and local governments rely on property taxes as a major source of revenue, often used to fund local services and education. Sales taxes are imposed at the point of sale for goods and services and can be levied by both state and local governments. Income taxes at the state and local level can vary by state, with some states relying more heavily on them than others. These forms of taxation are central to the funding of government activities at their respective levels.