Taxes are the federal government’s primary source of revenue. There are several different kinds of taxes. The individual income tax, the corporate income tax, social insurance taxes, excise taxes, estate and gift taxes, and custom duties. The federal government also generates revenue from several non-tax sources. These include fee, fines, and earnings of the banks in the Federal Reserve System. Tax policy is politically controversial. Democrats generally have favored higher and more progressive taxes and have opposed tax advantages for the wealthy, while republicans generally have favored lower taxes.
The U.S. economy is a free-enterprise system in which economic policy is controversial. The basic political disputes involve the exten
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