Question
The main sources of revenue for the federal, state, and local governments are taxes. Taxes are the money maker for the any government which is
The main sources of revenue for the federal, state, and local governments are taxes. Taxes are the money maker for the any government which is why taxes and prices are continuously going up. For the federal government, tax revenues come from individual income taxes, social insurance and retirement receipts, corporation income taxes, and excise taxes. Federal government expenditures include pensions and income security, health, national defense, and interest on national debt. The state government relies on sales tax, excise tax, state individual income taxes, and state incorporation income taxes for revenue. The state government spends their money on education, public welfare programs, health, and infrastructure. Local government receives revenue from property taxes, sales taxes, and excise taxes. They spend their money on education, public welfare programs, and health. Taxes are the main revenues that governments depend on to fund their spending. Without taxes they would have no money to put back into the system. Education would be non-existant, healthcare would be terrible, and welfare programs would be awful.
What will be your feedback for the answer in regards to the main resource of income and largest expenditure of federal, state and local government.
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