The U.S. federal government is one of the largest institutions in the world. It uses taxes it collects to fund various government programs in its role as manager of fiscal policy. Consider the accompanying tables which list the government revenues and expenditures by major category for 2018. 1. Consider the categories of government revenue. Calculate the percent of total revenues accounted for by corporate income taxes and individual income taxes. Round your answers to whole number percentages. a. Corporate income taxes in % : b.Individual income taxes in % :
The U.S. federal government is one of the largest institutions in the world. It uses taxes it collects to fund various government programs in its role as manager of fiscal policy. Consider the accompanying tables which list the government revenues and expenditures by major category for 2018. 1. Consider the categories of government revenue. Calculate the percent of total revenues accounted for by corporate income taxes and individual income taxes. Round your answers to whole number percentages. a. Corporate income taxes in % : b.Individual income taxes in % :
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter30: Government Budgets And Fiscal Policy
Section: Chapter Questions
Problem 40CTQ: What is the benefit of having state and local taxes on income instead of collecting all such taxes...
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The U.S. federal government is one of the largest institutions in the world. It uses taxes it collects to fund various government programs in its role as manager of fiscal policy. Consider the accompanying tables which list the government revenues and expenditures by major category for 2018.
1. Consider the categories of government revenue. Calculate the percent of total revenues accounted for by corporate income taxes and individual income taxes. Round your answers to whole number percentages.
a. Corporate income taxes in % :
b.Individual income taxes in % :
Transcribed Image Text:Amount
Revenue Category
($ billions)
Individual income taxes
1683.5
Payroll taxes
1170.7
Corporate income taxes
204.7
Other
269.8
Total revenues
3328.7
Amount
Expenditure Category
($ billions)
Income security programs
285.3
Medicaid
389.2
Medicare
704.3
National defense
621.7
Net interest of debt
324.7
Social Security
982.2
Other
800.4
Total expenditures
4107.8
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