Essay about Expenditures and Revenues Summary

The budget process is a powerful planning tool for government to make important resource decisions. According the Carney and Schoenfeld‘s article on How to read a Budget, an operating budget is a reflection of government’s financial plans. When a budget is

In theory it was the president (The Department of the Treasury) who the necessary money, to cover the budget.

I think the prompt is asking not where the government collects revenue, which would be income

portion of its revenue. The federal government lost $500 million a year, almost 10% of its

The main difference between the federal budget and the state and local budgets is the issue of a monetary deficit, in which expenditures in the budget exceeds revenues that were estimated. State and local governments are required to balance their budgets. The federal government is allowed to borrow money to meet its obligations and have a deficit. The federal government collects the most tax revenue, but state and local governments have a greater range of revenue options for funding their budgets. The federal government relies mainly on income taxes, capital gains and Social Security taxes. State and local governments collect sales taxes, taxes on fuel, property taxes and fees from special licenses and permits. Also, many state and local

The United States borrows money from individuals that have bought Treasury Bills, Notes, Bonds, and United States Savings Bonds. The U.S. government also borrows money by issuing Treasury securities. These securities finance expenditures that exceed its receipts, and are legal under the authority of the Second Liberty Bond Act. The government's primary source of income is through taxes paid by its citizens. Supposedly, money is spent on programs that government officials consider necessary to ensure the best quality of life for all (or at least the majority) of the nation's citizens. The combination of these amounts is what makes up the national

This research paper is a brief discussion of budget management analysis. Budgeting is the key to financial management, and is the key to translates an organization goals or plan into money. Budgeting is a rough estimate of how much a company will need to get their work done, and provides the basis for evaluating performance, a source of motivation, coordinating business activities, a tool for management communication and instructions to employees. Without a budget an organization would be like a driver, driving blinded without instructions or any sense of direction, that’s how important a budget is to every organization and individual likewise (Clark, 2005).

A couple of large concerns always arise when discussing politics: the state of the Union, what the president is currently doing, and a few other topics. No topic, however, is as talked about in major concern than the federal budget. As tax payers, the American people always wishes to know where their tax dollars are going. The problem is that very few people actually know who sets the federal budget, and how much power this branch of government really has.

Although the budgets and each level of government are similar, they each have their differences in how they are adopted. The biggest difference between federal and state budgets is the fact that the federal budget can have a deficit in order to meet obligations, whereas state governments are required to have a balanced budget. If there were limitations put on the federal government then the U.S. government would not be able to provide for national emergencies. The federal government has the ability to print money in times of constricted fiscal situations, whereas state governments cannot. The federal government’s budget provides for a large amount of military spending to fund the salaries of military personnel, buy new equipment for the military, and provide funding for military installations both within and outside of the United States. State governments’ are limited to what they provide in their defense budgets to only providing funds for the National Guard of the state. Another difference between federal and state budgets is the variety of revenue options. According to Florida International University, the federal government is the biggest collector of the majority of tax revenue. However, state and local governments have a larger range of

1. A budget is a formal statement of future plans, usually expressed in monetary terms.

A company's budget serves as a guideline in planning and committing costs in order to meet tactical and strategic goals. Tactical goals such as providing budgetary costs for daily operations, and strategic objectives that include R&D, production, marketing, and distribution are all part of the budgeting process. Serving as a guideline rather than being set in stone, the budget is a snapshot of manager's "best thinking at the time it is prepared." (Marshall, 2003, p.496) The budget is a method in which to reign-in discretionary spending, and will likely show variances between what costs have been anticipated and what costs are actually incurred.

Taxes are the dollars that we pay to government to supply the services that are not or can not be provided through the free enterprise system. Taxes have been around since the beginning of organized societies. They come in various forms. Most common are income taxes both federal and local government. These taxes are assessed on the amount of income a person earns. Other taxes come in the form of user taxes; these taxes are imposed on the people that are using the goods being taxed, such as gas tax, alcohol tax, sales tax, and luxury taxes. Property taxes make up the major revenues for local and city governments. Furthering the burden of taxation are taxes that are attached to such bills as utility

Historically sin taxes have been an effective and efficient way for the government to raise revenue. The federal government used tariffs and consumption taxes to generate almost all of its revenue in the early years of our nation. The tax structure and philosophy has evolved and changed since the beginning of our nation, however the use of sin taxes has remained a good way for governments to raise revenues. Sin taxes no longer provide a significant portion of federal or state governments; however they do provide a consistent

The Federal Government relies predominately on the individual income tax, and federal income tax makes up more than 50 percent of the federal government’s revenue. Income taxes are paid by all those who earn income (Mikesell, 2011). It is essentially a bill from the federal and state governments for individual earnings through salaries and investment profits. Income tax is considered a progressive tax because the individual's financial obligation rises with the level of reportable income (Mikesell, 2011). Although income tax is the one of the most effective ways of raising revenue for the government, it is also one of the most controversial.

A budget is a financial statement which is an estimate of income and expenditure of a set period of time, which may include planned revenues, expenses, assets, liabilities and