LESS FEDERAL INVOLVEMENT Education Drugs Welfare Crime.

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Presentation transcript:

LESS FEDERAL INVOLVEMENT Education Drugs Welfare Crime

1.GOVERNOR 2.LEGISLATURE 3.GOVERNOR

Budget must be balanced State spending cannot exceed state revenues

RAINY DAY FUND: When revenues are high keep money aside

Federal = income tax State = various taxes, fees, federal grants, loans, and lotteries

High tax rate discourages businesses from locating in our state

Tax on the sale of a good or service

Hotel Sales Tax = people are out-of-state Residents OKAY May discourage vacations and conventions

Liquor and cigarettes

Levied on individuals and businesses Flat Rate – all people pay same

Progressive Rate – depends on how much money you make

Tax resources that are removed from the ground

Tax on people who use a state service

Funds schools, bridges, roads, etc. Helps in keeping state taxes lower

BONDS: state is in debt to bondholder for that amount Bondholder receives interest