What is the difference between an income tax and an excise tax?
Excise taxes are primarily for businesses. ... Federal, state, and local governments have the authority to institute excise taxes. While income tax is the primary revenue generator for federal and state governments, excise tax revenue also makes up a small portion of total revenue.
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Answer:
What is the difference between an income tax and an excise tax?
Excise taxes are primarily for businesses. ... Federal, state, and local governments have the authority to institute excise taxes. While income tax is the primary revenue generator for federal and state governments, excise tax revenue also makes up a small portion of total revenue.
Explanation: