Final answer:
The federal government's revenue mainly comes from individual income taxes amounting to 1.7 trillion dollars, with payroll taxes at 1.2 trillion dollars. Corporate income taxes contribute less, around 230 billion dollars, despite being the third-largest source.
Step-by-step explanation:
According to available financial data, individual income taxes are the primary source of federal government revenue, amounting to approximately 1.7 trillion dollars. This is followed by payroll taxes, which contribute around 1.2 trillion dollars—these taxes fund social insurance programs such as Social Security and Medicare. Corporate income taxes, although significant, provide less revenue at around 230 billion dollars. Lastly, various other sources collectively contribute roughly 271 billion dollars to federal revenue.
Examining historical trends, corporate income taxes—while being the third-largest source of revenue—have declined as a percentage of the Gross Domestic Product (GDP) over several decades, from about 4% in the 1960s to an average of 1% to 2% of GDP in more recent years.
With respect to the options provided in the question, income taxes clearly represent the majority of the federal government's revenue. The final answer in two line explanation in 300 words: The majority of the federal government's revenue is collected through personal income taxes, totaling more than 1.7 trillion dollars.