Question
The US government receives revenue through taxation of individuals and companies. This revenue is used to provide infrastructure, education, health and social services. The government
The US government receives revenue through taxation of individuals and companies. This revenue is used to provide infrastructure, education, health and social services.
The government collects taxes at the federal, state, and local levels, and this can include: income tax (from an individual and company taxable income); payroll/FICA tax (from workforce employees' taxable income, used to fund Social Security and Medicare); sales tax (a percentage of the price paid for goods and services); and excise tax (a "per unit/item" tax on some goods and services). (Asarta, C. J., Butters, R. B., & Switzer, D. M., 2019)
Total tax receipts for the US government in 2019 was $3.46 trillion. (Duffin, 2020)
Tax revenue is sources mostly from individual income taxes, followed by payroll taxes. The largest expenditures include social security, defence, and medicare. Expenditures are divided between mandatory and discretionary categories. Expenditures often exceed revenues, which leads to a budget deficit and increasing national debt.
What will be your feedback base on the answer in regards to the main resource and expenditure of Federal, state and local government?
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