The table below shows hypothectical figures of revenue and spending for the Canadian government. For simplicity, assume that all of the spending grants to other levels of government were spent in Canada on goods and services. Federal Government's Budget Plan for Fiscal Year ($billion) REVENUES OUTLAYS Personal income taxes$100 Transfers to persons$46Corporate income taxes34 Spending grants to other levels of government38Other income taxes7 Public debt charges35GST and excise taxes47 Direct program spending95EI premiums14 Total Outlays214Other revenues18 Projected Budget Plan Surplus6Total Revenues220 a. The projected NTR in this budget plan is $ billion. b. The value of NTR less government spending on goods and services (G) is $ billion. Round your answers to 1 decimal place. c. The percentage of total revenue made up by personal income taxes is %. d. The percentage of total revenue made up by corporate income taxes is %. e. The percentage of total outlays made up by transfer payments to persons is %. f. The percentage of total outlays made up by public debt charges is %.

Budget plan refers to that plan which provides estimates of the future revenues and expenses.

Answered: Federal Government's Budget Plan for…

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter18: Debates In Macroeconomics Over The Role And Effects Of Government

Section18.10: Demand-side And Supply Side Views Of The Economy And Government Tools For The Changing Real Gdp

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The table below shows hypothectical figures of revenue and spending for the Canadian government. For simplicity, assume that all of the spending grants to other levels of government were spent in Canada on goods and services.

Federal Government's Budget Plan for Fiscal Year ($billion)
REVENUES		OUTLAYS
Personal income taxes	$100	Transfers to persons	$46
Corporate income taxes	34	Spending grants to other levels of government	38
Other income taxes	7	Public debt charges	35
GST and excise taxes	47	Direct program spending	95
EI premiums	14	Total Outlays	214
Other revenues	18	Projected Budget Plan Surplus	6
Total Revenues	220

a. The projected NTR in this budget plan is $ billion.

b. The value of NTR less government spending on goods and services (G) is $ billion.

Round your answers to 1 decimal place.

c. The percentage of total revenue made up by personal income taxes is %.

d. The percentage of total revenue made up by corporate income taxes is %.

e. The percentage of total outlays made up by transfer payments to persons is %.

f. The percentage of total outlays made up by public debt charges is %.

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