Essay: US government revenues and spending
Control of how a country spends money is driven by the income that particular government generates. However, financial institutions have reversed this role by providing alternative sources. The US government utilizes these opportunities to run its government. It still depends on other sources too for its operation.
How does it raise money?
Taxes are the biggest contributors to the government’s kitty. Payroll and individual income taxes contribute four of every five dollars to the federal revenue. 12percent come from corporate income taxes. This is summed up by other taxes such as excise, customs, gift, estates, and receipts from miscellaneous. For instance in the year 2008, $2.5 trillion was collected representing 17.7 percent of the GDP. In this totals, individual taxes were highest with over 8 percent, payroll taxes 6, percent 2.1 percent from corporate revenue, 0.5 percent from excise with other taxes accounting for the rest (US Treasury Dept. 2010). Revenues from other sources such as fines, from law violations also contribute to the government.
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