Government Revenue And Expenditures
Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students. Due Thursday Respond to the following in a minimum of 175 words: Identify the main sources of revenue for and the largest expenditures made by federal, state, and local governments. Reply to at least 2 of your classmates. Be constructive and professional in your responses. Rachel 26 minutes ago, at 3:40 PM NEW Class, The main sources of revenue for the federal government comes from taxes charged via income taxes, payroll taxes and corporate taxes. Furthermore, state and local governments also earn a majority of their revenue through the collection of various taxes to include, sales tax and property taxes. The taxes collected by the federal government are largely spent on things like social security, medicare, and other health care programs. On the other hand, the taxes collected at the state and local levels are largely spent on things like education, heath and there social service programs. Most people are aware of the obvious expenditures for governments like roads and other public areas because we use them often. However, not many people realize that other social service programs and even some housing assistance programs are paid for in large part by taxes collected through sales tax, property taxes and other avenues. Overall, taxes allow all of us the opportunity to contribute towards the well being of everyone and the enjoyment of life in our particular areas, even if many are not too fond of them. References https://www.urban.org/policy-centers/cross-center-initiatives/state-and-local-finance-initiative/state-and-local-backgrounders/state-and-local-expenditures Freda 15 hours ago, at 1:00 AM NEW One of the main resources of revenue is taxes. Taxes represents the largest source of revenue for state and local governments. State and local governments tend to obtain the largest portion of tax revenues from property taxes and sales and gross receipts taxes. State and local governments collect tax revenues from three primary sources: income, sales, and property taxes to fund projects that the government have planned. Another large source of revenue is individual income taxes. Income and sales taxes make up the majority of combined state tax revenue, while property taxes are the largest source of tax revenue for local governments, including school districts. Education is number one in government spending. The next most spending would be from public welfare. as well as insurance trust expenditures, and utilities. State and local governments spend most of their resources on education, health, and social service programs. These are programs that mean the most in a community With federal spending, it can be divided into three different categories which are mandatory, discretionary, and interest on the debt. Mandatory spending has a lot of parts, but the largest ones are major healthcare programs (Medicare and Medicaid) and Social Security. | NEW Laurie 11/3/20, 2:42 PM The basic answer to this question is simplistic. The government receives its primary sources of revenue from taxes. These are primarily the income taxes we pay as individuals and as corporations. As we consider this, we should reflect on the recent legislation that was passed by Congress and signed by the President. While all Americans were granted a filing extension till July 15th, those Americans receiving refunds were encouraged to file quickly. The government also authorized many payouts to Americans and to small businesses to ease the strain of the stay at home restrictions many are faced with making them unable to go to work and forcing the closing of many small business to avoid close contact of individuals. One has only to Google the National Debt Clock to know where our national debt currently is. As the debt continues to increase, and as many nations are faced with the same economic constraints as the United States due to Covid-19, what methods can the government use to fund these outlays of cash. No, there will not be the physical printing of money. That does not happen., That would cause rampant inflation and that would be worse than any imaginable effects from a recession. What will the effects be on future ability to raise capital? The government normally funds national defense, public welfare, and highways, as they are public goods. What is the definition of a public good and how does it differ from a common or private good? How do you feel these fundings will be affected by the recent legislation?