Provide examples and Describe
Provide examples and Describe the various means by which the USgovernment collects revenues and then spends or redistribute thegained revenues.Use a pie chart to illustrate the most recentdistributions for the US budget
Answer:
Answer :
In FY 2018, total US government revenue, federal, state, andlocal, was “estimated” to be $6.27 trillion, with federal $3.33trillion; state $1.60 trillion; local $1.34trillion(Source: www.usgovernmentrevennue.com)
Various means by which the US government Collectsrevenue are :
1)Income Taxes: Individual and corporate income taxes.
2)Social Insurance Taxes: FICA taxes, unemployment, disabilitytaxes.
3)Ad valorem Taxes: Sales, excise and property taxes,licenses.
4)Fees and Charges: Fees for government services other thantaxes.
5)Business and Other Revenue: Revenue from government businessessuch as liquor stores and utilities.
Government revenue is collected at all levels of government:federal, state, and local. At 53 percent, the federal governmentcollects about half of total government revenue, with statescollecting 26 percent and local governments 21 percent.Overwhelmingly, the federal take is collected as income taxes andsocial insurance payroll taxes. State governments balance theirtake between income taxes, ad-valorem taxes and other forms ofrevenue. Local governments collect revenue from ad-valorem taxessuch as property taxes and sales taxes
Total US government spending includes federal, state,and local government spending net of intergovernmentaltransfers.
Spending of Revenue can be categorized into
1)Pensions: Pensions, disability.
2)Health Care: Health care.
3)Education: K-12, college, training.
4)Defense: Military, foreign policy, veterans, foreign aid.
5)Welfare: Cash welfare, food stamps, unemployment benefits,workers compensation, housing, excluding health care.
6)Protection: Police, fire, law courts, prisons.
7)Transportation: Road, rail, airports.
8)General Government: Legislative, executive, finance.
9)Other Spending: Research, economic development, agriculture,energy, environment.
10)Interest: Interest on government debt.
Pie Chart to Illustrate the most recent distribution for the USBudget 🙁 Source: www.usgovernmentspending.com/classic)
For FY 2019, the three biggest government programs (federal,state, and local) are health care, pensions, and education.
The Pie Chart shows overall government expenditures for thespecified fiscal year. Spending totals are aggregated for eachmajor government function.
For the United States, it shows spending on all levels ofgovernment—federal spending, state spending, and localspending.
"Our Prices Start at $11.99. As Our First Client, Use Coupon Code GET15 to claim 15% Discount This Month!!"
