Chapter 16 Government Spends, Collects, and Owes.

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Presentation transcript:

Chapter 16 Government Spends, Collects, and Owes

Functions of Government 1)Provides for Public Good -Nat’l Defense -Parks and the Arts -Combating Socially Undesirable Acts 2)Redistribution of Income -Social Programs (Social Security, Medicare) -Public Assistance (Welfare, Medicaid) 3)Regulating Economic Activity -Labor/Mgmt. -Environmental 4) Ensuring Economic Stability

Federal Government Spending

The Budget Budget Surplus – Take in more $ than is needed. Budget Deficit – Spend more $ than you have. Deficit Financing - Borrowing $ to balance the budget National Debt – Accumulation of overspending

Taxes Lifetime Earnings: 40 $60,000/yr. = 28% Income Tax = $672,000 or 40% All Taxes = $960,000 or $24,000/yr. Principles of Taxation 1)Benefits Received – Those who use it should support it. 2)Ability to Pay – Pay according to your ability

Forms of Taxation Proportional – Flat Tax Progressive - Tax payment increases more with increased earnings. Regressive – Tax % goes down as you make more

Living in Allen, Texas Avg Home = $206,000 Taxing Base = 2,060 Collin County.2450$ 505 Allen City.5570 $ 1,147 Allen ISD $ 3,193 CCCCD $ 180 $ 5,025 Rate/$100