Government Revenue & Spending. Key Vocab Budget- A plan for saving and spending money Revenue- Money the government collects from taxes Surplus- Having.

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Presentation transcript:

Government Revenue & Spending

Key Vocab Budget- A plan for saving and spending money Revenue- Money the government collects from taxes Surplus- Having extra revenue Deficit- Being in debt (Not having enough revenue)

Major sources of government revenue U.S. Federal Govt. State Govts. Local (City & County) Govts. What they can all collect -Income taxes -Corporate (Business) taxes -Estate tax -Gift tax -Gas tax -Cigarette tax -Alcohol tax -Social Security tax -Medicare tax -Medicaid tax -Federal grants (Money from the Federal Govt.) -Sales taxes -Property taxes -License taxes -Vehicle taxes -State grants (Money from state govt.) -Sales tax -Property tax -License tax -Vehicle tax

Categories of Taxes Progressive TaxRegressive TaxFlat Tax The more money you make, the more money you pay. Example: Income tax The more money you make, the less money you pay. Example: Social Security tax Everyone pays at the same rate no matter how much you make. Example: Sales tax

U.S. Federal Income Tax Rates Explained for 2014 (Single people) Source: Forbes.com

For single taxpayers: 5.35 percent on the first $25,070 of taxable income percent on taxable income between $25,071 and $82, percent on taxable income between $82,361 and $154, percent on taxable income of $154,951 and above Source: minnesota.aspx#ixzz3ZtlgcMxt minnesota.aspx#ixzz3ZtlgcMxt Minnesota State Income Tax Rates for 2015

What does the U.S. Federal Government spend money on?

Largest U.S. Federal Government programs Social Security- Helps retirees pay for living expenses starting at age 65. Medicare- Helps retirees pay medical bills. Medicaid- Helps low income Americans pay medical bills. Defense- Military training, weapons, vehicles, soldier wages & military bases around the world.

Big political debate right now: how do we deal with U.S. Government debt? Democrats Republicans Raise taxes on higher income Americans! Cut spending on big government programs!