The $ 6.7 Million Budget Gap For The Next Fiscal Year

“The federal budget is the yearly plan for how the US government will spend the money it takes from taxes and borrowing.” After thoroughly analyzing the federal budget from 2012, it is unquestionably evident that a majority of the money is being put into a few major categories, leaving room for the rest of the smaller categories to be financially neglected. Is this fair? It seems that the money could be more fairly distributed, and that there is room for cuts in some of the larger categories, to improve the littler ones. In each of the three budget clusters, the US Government should make adjustments in the way it is distributing money; changes involving the big five, the middle

Budgeting is perhaps the most essential process involved in the United States government. While this process seems to exist only in the background, it is, in reality, what allows all other processes of government to function as they do. In order to satisfy the most necessities of modern society, changes must be made to each of the three major categories of the budget: the big five, the middle five, and the little guys.

In today’s school systems, art and music classes are not mandatory to be taught. This makes them very vulnerable to budget cuts in struggling schools. It is estimated that more than eighty percent of schools nationwide have experienced cuts to their budgets since 2008 (Metla). Every child in America deserves a complete education, and a complete education includes the arts. Due to budget cuts, many students do not receive instruction in art and music and therefore do not receive a full education. Music and art classes in schools are just as important as core classes and should not be subject to budget cuts.

This was also claimed as a benefit of the Texas Lottery and look what happened to that? It is all well and good to say something will work but until it is in place, would one not know for sure. Unfortunately, the cost of implementing such a personal tax would blow the benefits right out of the water. It would be not be cost effective to propose such a tax, since the start up costs would be prohibitive. Both counties and cities receive huge revenues in their collection of sales tax. To consider cutting that back would be

From the point of shoppers, sales tax is annoying and should be repealed forever. Instead of just straight up removing the sales tax, the income tax should be

The federal budget deficit is a much discussed and little understood subject in American politics. The current recession has dramatically decreased tax revenues, driving the United States federal government to increase spending in an attempt to stabilize the economy. As a result the current federal deficit is at over $1.3 trillion dollars. This is approximately $47,754 per U.S. citizen or $137,552 per U. S. taxpayer (U.S. Debt Clock: Real Time, 2012).

The tax system was created as a way for the government to raise revenue and provide services on the behalf of those who pay those taxes. The burden of the level of taxes paid by the citizen seems to continue to increase, but the purpose of tax exemptions, according to the Louisiana Budget Project, is to encourage certain activities-such as economic development, the hiring and training of the unemployed, and the development of low-income housing. The

Business taxes can have a huge impact on the profitability of businesses and the amount of business investment. Taxation is a very important factor in the financial investment decision-making process because a lower tax burden allows the company to lower prices or generate higher revenue, which can then be paid out in wages, salaries and/or dividends. Business taxes include, Federal Income Tax; a tax levied by a national government on annual income, Payroll Tax; a tax an employer withholds and/or pays on behalf of their employees based on the wage or salary of the employee, Unemployment Tax; a federal tax that is allocated to unemployment agencies to fund unemployment assistance for laid-off workers, and Sales Tax; a tax imposed by the government at the point of sale on retail goods and services. Sales tax is based on a percentage of the selling prices of the goods and services. Consumers pay sales taxes, but effectively, business pay them since the tax increases consumer’s costs and causes them to buy less.

Either method is an appropriate way to generate funds, although one might consider raising taxes in areas such as alcohol and tobacco to allow for cuts to income and sales tax. Alcohol and tobacco are considered to be a health hazards if over consumption is involved, therefore raising taxes for these products should be considered appropriate. Also, it might be suitable for the state of North Carolina to raise sales tax a bit more and lower income taxes to produce funds from taxes that are considered more equitable across the state. Overall, North Carolina’s current tax setup is producing steady revenues for the state, and showing a gradual gain each fiscal year since the recession.

Maria comes home one day earlier than usual. Her family, two daughters of age five and eight and a stay-at-home husband, is surprised to see her so early and unexpectedly. The tired look on her face reveals the experience she had at work. She brings out a sluggish smile as her daughters rush up to greet her with their warm embraces, reminding her of the happiness they constantly provide but also saddened by their questionable future. Quietly, she sits down in front of her anxious spouse as he patiently awaits the news, sensing the tension in the air.

If the council 1 % increase tax proposal does not benefit the majority of the city’s population, I would personally try to create a plan to address the deficit by proposing a plan to evaluate, eliminate or preserve city programs. I would present this plan in the next meeting and I would also politely express that I do not think it is appropriate for me to go around door –to-door handing out

The implementation of national sales tax alongside other tax systems will increase the income for the federal government and enable the government to reduce the current national debt (Hodge, 2017).

The national sales tax would replace our current income tax system by taxing goods and services. Under this system of taxation, people would pay taxes on every item purchased and not on income. This would help the economy through sales. "There would no longer be an inheritance tax or a capital gains tax. The government would impose a 17.65 percent tax on the value of all final sales to consumers. To protect lower-income citizens, the government would send all households periodic rebate checks, the net effect of which would be to offset the tax burden on purchase up to the poverty level" (Mitchell 2). This national sales tax is a popular

A fiscal operating plan was not requested or completed for FY16. A station's allowance was provided by OFO and funds were obligated to cover all recurring expenses such as utilites and annual maintenance contracts. Funds in excess of recurring expenses and annual maintenance contracts were allocated for other general operating expenses.

Further taking the economic perspective into account, this would even help the nation as a whole by increasing its total production and achieving economic growth. This in turn could lead to greater equality amongst the citizens and the whole theory about levying taxes prospective in nature could be dropped without having any arguments.