There are three major categories of revenues for the federal government, namely, (a) individual incomes taxes, (b) corporate income taxes and (c) social insurance taxes. According to the report of the Office of Management and Budget (OMB), in 2009, the federal government…
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The report said that the 2009 Fiscal Year revenue collection is $400 billion lower than the previous year. The report pointed out that the individual income taxes declines as 20% while corporate declined by about 50%. The report concluded that the 2009 federal tax collection is the lowest in the past 50 years.
There are three major categories of expenditures for the federal government, namely, (a) discretionary spending, (b) mandatory spending and (c) net interest. According to the Office of Management and Budget (OMB), the federal government spent nearly $3.52 trillion in 2009 (see Office of Management and Budget 2011 Budget-Summary Table S-3). This amount is about 18% higher than the expenditures of the government in 2008 which only amounted to $2.97 trillion (see Office of Management and Budget 2011 Budget-Summary Table S-3). Of the total expenditures of the federal government 23% or $782B went to Defense and Homeland Security, 20% or $678 B went to Social Security, and 19% or 676B went to Medicare & Medicaid (see Office of Management and Budget 2011 Budget-Summary Table S-3).
According to the Congressional Budget Office (CBO), the national debts of the United States have been increasing since World War II (see Congressional Budget office). The debt momentarily decreased between 1992 and 2000 but it rose sharply 2001 up to the present (Congressional Budget office). According to the Congressional Budget Office, as of 2008, the debts of the United States are already equivalent to 70.2% of the GDP and this amount is expected to increase up to 100.6% by the end of 2012. According to the Analytical Perspectives, Budget of the United States Government, Fiscal Year 2008 published by the Executive Office of the President, the United States debts which are in the hands of foreign government is about 25% of the total debts of the country. The
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On the other hand, microeconomics entails of consumer behaviors, production, market equilibrium, factors affecting the markets and government practices that affect the markets. (Bishop 32).The two variables directly influence each other, for instance taxes imposed by governments on products reflect directly on the prices thus affecting the consumer who comes under the microeconomics bracket.
There are two components in the Budget Control Act 2011that are designed to initiate “a sequestration of discretionary and/or mandatory (or direct) spending” (Saturno & Heniff, 2009, p. 17-5). Tax Component of the Act – allowing Bush tax cuts to expire George W.
The similarities and differences of the national budgets and national defense spending will be discussed in a broader context considering US defense agenda. The concept of defense economics will be discussed and I will also analyze how these concepts could be used for efficiently allocating and planning resources which are under the Department of Defense and Defense authorities.
Also, please describe the basic sources of the imbalance between what the federal government spends and what it receives in taxes and what the debt limit is.
President Bush’s new budget proposal faces another controversy as the Democrats criticized once
ary policies affects the company demand levels, liquidity stability, financial imbalances fluctuations even as Dell remain as the preferable entity to most customers (Bean, 2004). As a result, changes in monetary policy measures as a way of influencing the competitiveness of
The stimulus package was a fiscal policy strategy that was used to jumpstart the economy. This package included bank bailouts, tax rebate checks, and other stopgap measures to stop the slowdown in the economy. The cost of this controversial package
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From the above discussion, it is quite clear that for any country to attain economic stability in the money supply as well as in the development of physical facilities; monetary and fiscal policies cannot be overlooked. In my opinion, governments must streamline the management of revenue collection authorities as a way of ensuring transparency and accountability in how the tax is collected and used.
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