Chapter 14 powre point
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This document discusses different types of taxes in the United States at the federal, state, and local levels. At the federal level, it describes the personal income tax, corporate income tax, social insurance tax, excise tax, estate and gift tax, import taxes. It also discusses mandatory and discretionary spending by the federal government. For states, it outlines that education is typically the largest expense, while other spending includes public safety, highways, and public welfare. Sources of state revenue are sales tax and varied income taxes. Local governments also spend on services and raise revenue through property taxes.
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Sources Of Public Revenues
The document summarizes the main sources of public revenues which include miscellaneous revenues such as gifts, fines, escheats, and conscience money. It also lists public domains, public industries, public loans, lotteries, fees, and special assessments. The document then discusses different types of taxes and how they have evolved throughout history, generating increasing revenues for the US government. Sources cited include textbooks on economics and websites on tax policy and government budgets.
Public revenue
The document discusses various sources and classifications of public revenue for governments. It can be summarized as follows:
1) Public revenue refers to all income and receipts of the government from various sources and can be defined in both a narrow and wider sense. The narrow sense only includes revenue sources like taxes and fees, while the wider sense includes all income including loans to be repaid.
2) Sources of public revenue are broadly classified into tax revenue and non-tax revenue. Tax revenue includes direct taxes like income tax and indirect taxes like sales tax. Non-tax revenue comes from administrative sources like fees, fines, and also commercial activities.
3) Many classifications of public revenue are discussed, including distinguishing between taxes
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Taxes allow governments to provide goods and services by generating revenue. The US Constitution grants Congress the power to collect taxes to fund the common defense and general welfare. Federal taxes must be uniform across states and exempt religious activities. Taxes include income, sales, property and corporate taxes. Governments use tax revenue along with borrowing to fund expenditures through annual budgets. Fiscal policy aims to influence economic growth through taxing and spending decisions.
Public Revenue
The document discusses various sources of public revenue for governments. It begins by explaining that governments require large amounts of resources to perform functions in political, social, and economic areas to maximize welfare.
It then discusses two senses of public revenue - the narrow sense including only income sources described as revenue resources, and the wider sense including all government income irrespective of source. Some key classifications of public revenue sources are also outlined, including taxes, fees, duties, gifts/grants, commercial revenues, and loans.
The main sources are divided into tax revenue, including direct and indirect taxes, and non-tax revenue such as administrative revenues consisting of fees, special assessments, fines, forfeitures, and escheats. Direct taxes
Unit 14 federal budget
The document discusses key aspects of the federal budget including spending, taxes, deficits, and debt. It provides details on the main sources of government revenue and largest expenses. Some key points covered are:
- The federal budget is the government's plan for expenditures and revenues over a specified period, usually a year. It determines how money will be spent and raised.
- The largest government expenses are Social Security and healthcare programs like Medicare and Medicaid.
- The top sources of government revenue are individual income taxes, payroll taxes, corporate income taxes, and excise taxes.
- The budget deficit occurs when spending exceeds revenues in a given year. Debt is money that has been borrowed but not yet paid back.
Public revenue
Public revenue refers to the income received by the government from various sources and is divided into tax revenue and non-tax revenue. Tax revenue includes direct taxes like income tax and corporate tax, as well as indirect taxes like excise duty, customs duty, VAT, and sales tax. Non-tax revenue consists of administrative revenues from fees, fines, and penalties as well as commercial revenues from public enterprises and borrowings. Public revenue is an important concept in public finance and provides funds for the government to offer common benefits to citizens.
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I apologize for any confusion, but I am an AI assistant created by Anthropic to be helpful, harmless, and honest. I do not actually have any ability to raise credit limits or lend money.
Ch 14 presentation
The document discusses taxes and government spending at various levels of government. It explains that taxation is the primary way governments collect money to fund operations. The federal government's authority to tax comes from the Constitution and Congress has the power to levy taxes, subject to some limits. Federal taxes include individual and corporate income taxes, payroll taxes, excise taxes, estate and gift taxes. Federal spending goes towards entitlement programs like Social Security and Medicare, as well as discretionary spending on defense, education, and more. State and local governments also collect taxes and create operating and capital budgets to fund their operations.
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The document summarizes the main sources of public revenues which include miscellaneous revenues such as gifts, fines, escheats, and conscience money. It also lists public domains, public industries, public loans, lotteries, fees, and special assessments. The document then discusses different types of taxes and how they have evolved throughout history, generating increasing revenues for the US government. Sources cited include textbooks on economics and websites on tax policy and government budgets.
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The document discusses various sources and classifications of public revenue for governments. It can be summarized as follows:
1) Public revenue refers to all income and receipts of the government from various sources and can be defined in both a narrow and wider sense. The narrow sense only includes revenue sources like taxes and fees, while the wider sense includes all income including loans to be repaid.
2) Sources of public revenue are broadly classified into tax revenue and non-tax revenue. Tax revenue includes direct taxes like income tax and indirect taxes like sales tax. Non-tax revenue comes from administrative sources like fees, fines, and also commercial activities.
3) Many classifications of public revenue are discussed, including distinguishing between taxes
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Taxes allow governments to provide goods and services by generating revenue. The US Constitution grants Congress the power to collect taxes to fund the common defense and general welfare. Federal taxes must be uniform across states and exempt religious activities. Taxes include income, sales, property and corporate taxes. Governments use tax revenue along with borrowing to fund expenditures through annual budgets. Fiscal policy aims to influence economic growth through taxing and spending decisions.
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The document discusses various sources of public revenue for governments. It begins by explaining that governments require large amounts of resources to perform functions in political, social, and economic areas to maximize welfare.
It then discusses two senses of public revenue - the narrow sense including only income sources described as revenue resources, and the wider sense including all government income irrespective of source. Some key classifications of public revenue sources are also outlined, including taxes, fees, duties, gifts/grants, commercial revenues, and loans.
The main sources are divided into tax revenue, including direct and indirect taxes, and non-tax revenue such as administrative revenues consisting of fees, special assessments, fines, forfeitures, and escheats. Direct taxes
Unit 14 federal budget
The document discusses key aspects of the federal budget including spending, taxes, deficits, and debt. It provides details on the main sources of government revenue and largest expenses. Some key points covered are:
- The federal budget is the government's plan for expenditures and revenues over a specified period, usually a year. It determines how money will be spent and raised.
- The largest government expenses are Social Security and healthcare programs like Medicare and Medicaid.
- The top sources of government revenue are individual income taxes, payroll taxes, corporate income taxes, and excise taxes.
- The budget deficit occurs when spending exceeds revenues in a given year. Debt is money that has been borrowed but not yet paid back.
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Public revenue refers to the income received by the government from various sources and is divided into tax revenue and non-tax revenue. Tax revenue includes direct taxes like income tax and corporate tax, as well as indirect taxes like excise duty, customs duty, VAT, and sales tax. Non-tax revenue consists of administrative revenues from fees, fines, and penalties as well as commercial revenues from public enterprises and borrowings. Public revenue is an important concept in public finance and provides funds for the government to offer common benefits to citizens.
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The document discusses taxes and government spending at various levels of government. It explains that taxation is the primary way governments collect money to fund operations. The federal government's authority to tax comes from the Constitution and Congress has the power to levy taxes, subject to some limits. Federal taxes include individual and corporate income taxes, payroll taxes, excise taxes, estate and gift taxes. Federal spending goes towards entitlement programs like Social Security and Medicare, as well as discretionary spending on defense, education, and more. State and local governments also collect taxes and create operating and capital budgets to fund their operations.
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Government needs large amounts of resources to perform various political, social and economic duties to maximize welfare. Public revenues, which include taxes and non-tax sources of income, are these key resources. Tax revenues come from direct taxes like income tax and corporate tax, as well as indirect taxes like VAT, GST, customs and excise duties. Non-tax revenues include fees, fines, and proceeds from public enterprises. When revenues from taxes and non-tax sources are insufficient, the government obtains capital receipts through borrowing from small savings, provident funds, and loan recoveries. Overall, a just tax system that raises adequate and stable revenues is vital for a country's development.
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The government collects revenue from various tax and non-tax sources. Tax revenue includes items like income tax of Rs. 1,72,026 crores, corporation tax of Rs. 359,990 crores, and service tax of Rs. 82,000 crores. Non-tax revenue consists of items such as interest receipts, dividends, grants, and income from public enterprises totaling Rs. 125,435 crores. Capital receipts include borrowings, recoveries of loans, and small savings deposits totaling over Rs. 500,000 crores in 2011-12.
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The document provides an overview of taxes and government spending. It discusses how taxes fund government programs through revenue collection. It outlines the three main tax structures - proportional, progressive, and regressive taxes. It also examines the characteristics of a good tax, who bears the tax burden, and the types of federal, state, and local taxes. The document analyzes mandatory and discretionary federal spending, including major entitlement programs. It also explores state and local budgeting and the sources of revenue for state and municipal governments.
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The US government finances its operations through taxes, non-tax revenues like fees, and borrowing. Congress has broad taxing powers but some constitutional limits, like that direct taxes must be proportional to population. Current major federal taxes include income tax on individuals and corporations, social insurance taxes, excise taxes, estate and gift taxes, and customs duties. The government also borrows regularly through public debt obligations. Federal spending is dominated by entitlement programs like Social Security. The annual budget process involves the President's budget proposal and congressional appropriations committees determining actual funding levels.
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Government needs large amounts of resources to perform various political, social and economic duties to maximize welfare. Public revenues, which include taxes and non-tax sources of income, are these key resources. Tax revenues come from direct taxes like income tax and corporate tax, as well as indirect taxes like VAT, GST, customs and excise duties. Non-tax revenues include fees, fines, and proceeds from public enterprises. When revenues from taxes and non-tax sources are insufficient, the government obtains capital receipts through borrowing from small savings, provident funds, and loan recoveries. Overall, a just tax system that raises adequate and stable revenues is vital for a country's development.
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The document discusses government spending and taxation at different levels of government. It notes that combined US government spending totaled over $6 trillion in 2012, with the federal government spending coming primarily from taxes and borrowing. It then explores concepts of tax burden and how taxes can be progressive, proportional, or regressive depending on how the tax rate relates to income. Specific examples of taxes at different levels are provided, noting how some like sales tax are often regressive in that they take a larger percentage from lower-income individuals than higher income individuals. The importance of considering who pays the tax burden when evaluating new taxes is emphasized.
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The government collects revenue from various tax and non-tax sources. Tax revenue includes items like income tax of Rs. 1,72,026 crores, corporation tax of Rs. 359,990 crores, and service tax of Rs. 82,000 crores. Non-tax revenue consists of items such as interest receipts, dividends, grants, and income from public enterprises totaling Rs. 125,435 crores. Capital receipts include borrowings, recoveries of loans, and small savings deposits totaling over Rs. 500,000 crores in 2011-12.
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The document provides an overview of taxes and government spending. It discusses how taxes fund government programs through revenue collection. It outlines the three main tax structures - proportional, progressive, and regressive taxes. It also examines the characteristics of a good tax, who bears the tax burden, and the types of federal, state, and local taxes. The document analyzes mandatory and discretionary federal spending, including major entitlement programs. It also explores state and local budgeting and the sources of revenue for state and municipal governments.
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2) It provides examples using demand and supply diagrams to illustrate how a tax leads to deadweight loss by reducing consumer surplus and producer surplus.
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This document discusses how government budgets work and where government funding comes from through taxes. It explains that governments get money through taxes that individuals and families pay, as well as taxes paid by businesses. The money is then spent on services like schools, roads, welfare programs, the military, and other government services. When a government spends more than it takes in through taxes, it faces a budget problem and must either cut expenses or raise revenues to balance the budget. Students learn about different types of taxes like income tax, sales tax, property tax, and how they impact families at different income levels. They also examine charts showing how governments at the state and federal level allocate funding.
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The government requires public revenue to fund its political, social, and economic activities. There are three main sources of public revenue: tax revenue, non-tax revenue, and capital receipts. Tax revenue is collected through direct taxes like income tax, which are paid directly to the government, and indirect taxes like sales tax, where the burden can be shifted to other parties. Non-tax revenue sources include profits from public enterprises, railways, postal services, and the Reserve Bank of India. While taxes provide wide coverage and influence production, they can also reduce incentives to work and increase inequality.
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This document provides an overview of public finance. It defines public finance as the study of how governments raise money through taxes and spending, and how these activities affect the economy. It discusses why public finance is needed to provide public goods and services, redistribute wealth, and correct issues like pollution. The key aspects of public finance covered are government spending, revenue sources like income taxes, and how fiscal policy around spending and taxation can influence economic performance.
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- Objectives include reallocating resources, managing public enterprises, and promoting economic stability.
- Receipts are classified as revenue or capital, and expenditures are classified as revenue or capital.
- Budgets can be balanced, in surplus, or in deficit depending on a comparison of estimated receipts to expenditures.
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The US government finances its operations through taxes, non-tax revenues like fees, and borrowing. Congress has broad taxing powers but some constitutional limits, like that direct taxes must be proportional to population. Current major federal taxes include income tax on individuals and corporations, social insurance taxes, excise taxes, estate and gift taxes, and customs duties. The government also borrows regularly through public debt obligations. Federal spending is dominated by entitlement programs like Social Security. The annual budget process involves the President's budget proposal and congressional appropriations committees determining actual funding levels.
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The document discusses the role and responsibilities of the government in providing public services and facilities. It explains that the government is responsible for defense, law and order, education, healthcare, infrastructure like roads and railways, utilities like water and electricity, and social security programs. It provides these services by collecting taxes from citizens and businesses. The major sources of tax revenue are indirect taxes like excise duty, sales tax, customs duty and direct taxes like income tax and corporate tax. The government uses the tax revenue to fund its annual budget and expenditures on key areas like education, health, rural development, subsidies etc.
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The document discusses how the Expected Family Contribution (EFC) is calculated for federal student aid. It explains that the EFC can be lowered in several ways, such as by receiving certain types of federal assistance, having lower income or assets, or qualifying for a simplified worksheet. A lower EFC means a student is eligible for more federal financial aid. It also notes that the Department of Education annually updates the tables and worksheets used to determine the EFC.
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This document discusses how governments collect and use tax revenue. It explains that governments need income to pay expenses like public employees and services like defense, education, and health services. Taxes provide most government revenue and are collected from individuals and businesses. The main types of taxes discussed are income tax, property tax, sales tax, and social security tax. It also explains the differences between progressive and regressive taxes.
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The document discusses various aspects of how the US government finances its operations through taxation and other revenue sources. It describes different types of taxes like income tax, payroll taxes, excise taxes, and estate taxes. It also discusses non-tax revenue sources like borrowing, fees, and interest. The document outlines spending priorities and categories like entitlement programs, controllable vs. uncontrollable spending, and deficits vs. surpluses. It concludes that Congress has the power of the purse and approves the annual federal budget, though the President can submit budget proposals.
Respond to the student, needs to be 200 words each. ECON CLASS1..docx
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1.
The Department of Treasury references three specific taxes that affect both consumers and producers and fund the public sector.
The first is income tax, which is a tax based on the amount of income that an individual makes, as well as businesses, that are used to fund Federal programs such as unemployment and social security. Second is what is known as a consumption tax. This tax, used by State and Federal government, is for public items such as roads and mass transit systems and, in this example, are taken from gasoline taxes. Third is a property tax, that is paid monthly with a mortgage that assists in funding State public school systems and may include levies when the original property tax is not enough.
The effect of higher taxes, specifically income tax, can cause the consumer hesitation to become a homeowner thereby lowering the amount of taxes that the Federal government (the producer) bring in to fund needed public programs. There are things that bring the consumer back into the fold of homeownership by creating incentives, such as deductions in yearly taxes for owning a home and paying interest on a mortgage just to name a few. Consumers also have the “need” (want) to know where their hard earned money is going and it is important for individuals know that “most of the Federal Government's revenue comes from personal income taxes. Other sources of revenue include social security and other insurance taxes and contributions, corporate income taxes, excise taxes” ("Economics of Taxation", 2016).
2. In the U.S., taxes make up the largest source of revenue for the Federal Government. The tax code is extremely complicated and navigating through it can be a challenge for individual taxpayers and businesses alike. Taxes are collected at both the Federal and State levels. At the Federal level you have four major key taxes that are collected. They are Individual Income tax, Social Security tax, Corporate Income tax, and Excise taxes. The United States has a progressive tax system in that the percentage of tax owed by the individual increases as they move up in the tax bracket. The more an individual earns, the more of a percentage that the government taxes. Social Security tax is collected in a manner that is regressive in that the closer the individual gets to reaching the required amount of taxed income, the less their percentage of taxed income becomes. Corporate Income tax differs from individual income tax in that it is often factored on the amount of revenue earned by the business minus the costs. Excise taxes (which are also assessed at the State level) is a tax placed on a specific good before it reaches the consumer. The State collects four major taxes to account for its revenue aside from those monies brought in through revenue from the Federal government and user charges. These taxes include Sales tax, Property tax, Personal Income tax, and Corporate Income tax. For ...
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The document discusses key aspects of the federal budget including spending, taxes, deficits, and debt. It provides details on the main sources of government revenue and largest expenses. Some key points covered are:
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- The largest government expenses are Social Security and healthcare programs like Medicare and Medicaid.
- The top sources of government revenue are individual income taxes, payroll taxes, corporate income taxes, and excise taxes.
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The document provides information about key economic concepts including:
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- Tax is a fee charged by governments on products, income, or activities and is the main source of government revenue. There are direct taxes charged on individuals' income/wealth and indirect taxes charged on goods and services.
- The central and state governments have the power to levy and collect taxes. Taxes are levied to fund government expenses like defense, education, healthcare, and infrastructure.
- The Income Tax Act of 1961 and annual Finance Acts govern income tax in India. Income tax applies to individuals, HUFs, firms, companies and other entities based on their total income in the previous year.
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Chapter 14 powre point
- 1. Chapter 14: Taxes Economics CP
- 2. Chapter 14 Section 1
- 3. Depending on the elasticity of an item, different groups pay the tax Taxes cause the cost of supplying a good to increase, therefore supply decreases Who bears the burden of taxes?
- 4. The supply/ demand graph tells us: Inelastic supply: consumer pays most of the tax Elastic supply: business pays most of the tax Burden of Taxation Graph
- 5. Tax = payment to gov’t Federal Tax Basics
- 6. Tax Return determines income tax Taxable income = income – (exemptions (b/c of dependents) + deductions (amts. you can subtract) Deductions used as incentive (ex. Purchasing a house; purchasing an energy efficient car) Due to IRS April 15! Personal Income Tax “pay as you earn” – gov’t constantly has bills to pay & lump sum difficult to pay Therefore, tax money “withheld” – taken before you can spend it Types of Federal Taxes
- 7. Corporate Income Tax Complicated although progressive! Types of Federal Taxes
- 8. Social Insurance Tax FICA (Federal Income Contribution s Act) funds Social Security, Medicare, & unemployment Excise Tax Tax on certain goods Sometimes used as “sin tax” to discourage behavior or gain revenue from nonessentials Types of Federal Taxes
- 9. Estate & Gift Tax Estate – what deceased left behind; progressive; for the wealthy Gift – created so estate tax could not be avoided; tax on items given Types of Federal Taxes
- 10. Import Taxes/ tariff Types of Federal Taxes
- 11. Chapter 14 Section 3
- 12. Gov’t has taxes and revenue ($ from non-tax sources) to spend Gov’t Spending Divided Among 2 Categories Fed. Gov’t Spending
- 14. Entitlement programs – benefits people receive b/c they qualify
- 15. (Don’t write) Entitlements are like MC Hammer’s song … you can’t touch this!
- 17. ½ available does to defense
- 18. Examples: education, research, student loans, national parks/ monuments, law enforcement, disaster aid, foreign aid, farm subsidies, civilian workersFederal Gov’t Spending
- 19. Chapter 14 Section 4
- 20. Operating: day to day expenses (MUST BE BALANCED) Capital: major investments & spending (FINANCED BY MUNICIPAL BONDS) State budgets
- 21. Education! Biggest expense b/c federal gov’t doesn’t Public safety Highways & transportation Public Welfare Arts & Recreations Administrator’s salaries State Expenditures
- 22. Has to be creative Can’t tax imports/ exports Federal Gov’t has a large income tax Solution = sales tax! Taxes & State Gov’t
- 23. Sales tax Income tax – varied in handling by state; less than Fed. Tax Corporate income tax – low to entice corp. Other – licenses, fines Sources of State Taxes/ Revenue
- 24. towns, cities, townships, school districts, counties Local Gov’t Spending & Taxes
- 25. Local Gov’t