Question

Help! Will mark brainliest! I need a brief description of income and wealth taxes ( like abt 3-6 sentences)

Answer 1

Answer:

income tax refers to a type of tax that governments impose on income generated by businesses and individuals within their jurisdiction. By law, taxpayers must file an income tax return annually to determine their tax obligations. Income taxes are a source of revenue for governments.tion:

A wealth tax is a tax based on the market value of assets owned by a taxpayer

Answer 2

Answer:

A wealth tax is a tax based on the market value of assets owned by a taxpayer. Some developed countries choose to tax wealth, although the United States has historically relied on taxing annual income to raise revenue. Income is something that is earned for hard work or something that involves service and get income