Final answer:
No, Title 26 does not exclusively address income taxation; it includes various tax provisions such as individual and corporate income taxes, payroll taxes, excise taxes, and estate and gift taxes. Income tax is a significant, but not sole, source of federal tax revenue, with other forms like corporate taxes also playing a major role.
Step-by-step explanation:
No, Title 26 does not deal exclusively with income taxation. Title 26, also known as the Internal Revenue Code (IRC), covers various aspects of taxation, including income taxes, payroll taxes, corporate income taxes, excise taxes, and estate and gift taxes, among others. The code lays out the rules for all these different types of federal taxes that are collected by the government.
When most people think of federal taxes, individual income tax often comes to mind first because it is a large source of federal government revenue. However, it represents less than half of all federal tax revenue, indicating the presence of other significant tax categories. Corporate Income Taxes are also a major component of federal tax revenue. Corporations, as separate legal entities, must pay taxes on their profits. Moreover, there are social insurance and retirement receipts that contribute to the federal revenue.
The Internal Revenue Service (IRS) is the government agency in charge of the enforcement of the tax code and collection of taxes. Components of federal government revenue from taxes include individual income taxes, corporate income taxes, and social insurance and retirement receipts, highlighting the variety of tax types codified in Title 26.