State revenue and taxes

State Budget Information Governor sets the budget and sends it to the legislature for approval. Governor must introduce the state budget within the first FIVE days of the legislative session The General Assembly determines the types of revenue sources and the terms by which they operate. The Department of Revenue is charged with the responsibility of administering and collecting revenue.

Where do we get all of that money?

Now it is time to play…. NAME THAT TAX!!!!!

Tax number 1: Tax on insurance companies that sell insurance in Georgia. These companies are not subject to corporate income taxation. A- Individual Income Tax B- Insurance Premium Tax C- Property Tax D- Excise Tax

Tax number 2: A flat tax (6% since 1969) on income that a corporation generates within state boundaries. A- Individual Income Tax B- General Sales Tax C- Corporate Income Tax D- Excise Tax

Tax number 3 : A tax placed on customers in retail stores. This tax is a percentage of the price of the item purchased. This rate is between 4-8%. A- Individual Income Tax B- General Sales Tax C- Corporate Income Tax D- Excise Tax

Tax number 4: Taxes payable from the property of a deceased person and are related to the federal government’s tax. A- Excise Tax B- Insurance Premium Tax C- Property Tax D- Estate Tax

Tax number 5 : Local governments (county and city) collect the largest portion of this tax. This tax is levied on land and/or real estate. A- Individual Income Tax B- Insurance Premium Tax C- Property Tax D- Excise Tax

Tax number 6: Graduated tax based on income an individual or married couple generate in the form of salaries, wages, and/or investments. The more money you generate, the more tax you will pay. A- Individual Income Tax B- General Sales Tax C- Corporate Income Tax D- Excise Tax

Tax number 7: Tax on items such as gasoline, alcoholic beverages, and tobacco products. These taxes are usually fixed amounts per item as opposed to percentage of the price of the item. A- Individual Income Tax B- General Sales Tax C- Corporate Income Tax D- Excise Tax

BONUS Round: Non-tax revenues There are three more sources for state revenues. Any guess??

We also get money from?? Fees 8. Also known as regulatory fees. They are collected from: State parks Occupational licenses Recreational licenses

State lottery 9. By law, these funds can only be spent for special programs including college and technical school HOPE scholarships, pre-kindergarten, and technology for education

10. Settlement Programs Tobacco settlement fund- given to offset the costs to the state from cigarette related health issues Indigent Care Trust fund: helps hospitals cover the costs of providing health care to the poor

Extra bonus round

What are the TOP THREE sources for Georgia state revenue?

How do we spend all of this money?