Which is the most accurate statement?

A) Americans pay higher taxes on gasoline than do the people in most other industrial countries.
B) In general,excise taxes tend to be regressive.
C) The projected 2011 total federal tax revenue is more than federal government spending.
D) The new tax rates in the tax cut of 2003 are permanent.

Excise Taxes

Taxes imposed on specific goods or services, such as tobacco, alcohol, and gasoline, usually intended to discourage their use or generate revenue.

Federal Tax Revenue

The income collected by the federal government from taxes, including income taxes, payroll taxes, and corporate taxes, used to fund public services and obligations.

Tax Rates

The rate at which a person or business is required to pay taxes to the authorities.