Question

A tax base is the total value of __________ on which a state taxing authority can impose tax.

Sales tax.

Personal income.

State income tax systems.

Financial streams (the amount of income and/or assets).

Answer 1

Measure upon which the assessment or determination of tax liability is based. For example, taxable income is the tax base for income tax and assessed value is the tax base for property taxes.Let's take personal or corporate income as an example. In this case, the tax base is the minimum amount of yearly income that can be taxed. This is taxable income. Income tax is assessed on both personal income and the net income generated by businesses. Total of taxable assets, income, and assessed value of property within the tax jurisdiction of a government.

Hence ( B ) part is a correct answer