Answer :
Taxes on income, sales, and property are the three main tax revenue streams for state and local governments.
Taxes are the state and municipal governments' biggest single source of income. Intergovernmental transfers from the federal government or from states to local governments, selective sales taxes, and direct charges for utilities, licenses, or organizations like higher education institutions and insurance trusts are additional sources of income for state and municipal governments.
While property taxes are the main source of funding for local governments, including school districts, income and sales taxes provide for the majority of state tax revenue. Tax collections fluctuate as a result of shifting economic conditions and tax laws.
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