Answer: The budget is divided between the tax receipt side and the outlay side. On the taxation side, the largest components are personal income taxes and social security taxes. Between them they account for over 80 percent of total government tax receipts. The remainder of tax revenue comes from corporate income taxes and indirect taxes, such as taxes on items such as gasoline. On the outlay side, the major three categories are transfer payments, the expenditure on goods and service, and interest payments on the government debt. The first category is the largest and continues to grow, accounting for well over half of all payments. These include payments to individuals, businesses, other levels of government, and governments around the world. These payments come in the form of Social Security benefits, unemployment payments, and subsidies, grants and loans to farmers, local and state governments and foreign governments. The last category, debt interest, is the smallest and even fell during the late 2000s because the interest rate was low.
Answer:
ReplyDeleteThe budget is divided between the tax receipt side and the outlay side. On the taxation side, the largest components are personal income taxes and social security taxes. Between them they account for over 80 percent of total government tax receipts. The remainder of tax revenue comes from corporate income taxes and indirect taxes, such as taxes on items such as gasoline. On the outlay side, the major three categories are transfer payments, the expenditure on goods and service, and interest payments on the government debt. The first category is the largest and continues to grow, accounting for well over half of all payments. These include payments to individuals, businesses, other levels of government, and governments around the world. These payments come in the form of Social Security benefits, unemployment payments, and subsidies, grants and loans to farmers, local and state governments and foreign governments. The last category, debt interest, is the smallest and even fell during the late 2000s because the interest rate was low.