Which of the following descriptions is most representative of the mix of revenues and expenditures of a state government? Revenue is predominantly from excise taxes and property taxes. Expenditures include investments in infrastructure and national defense. Revenue is predominantly from sales taxes and may include personal or corporate income taxes. Expenditures include investments in education and infrastructure. Revenue is predominantly from property taxes but may include sales taxes or income taxes. Expenditures include investments in education and public welfare. Revenue is predominantly from income taxes and payroll taxes. Expenditures include income security and interest on debt.
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