Question

What are the fundamental purposes of public budgeting and how does public budgeting promote key aspects associated with U.S. deliberative democracy? List and briefly discuss key points associated with each of the stages associated with the public budget cycle. List and briefly discuss each of the major considerations given to adopting a revenue source known as the principles of taxation. please elaborate on answer 250-300 words

Answer 1

Fundamental purpose of public budgeting:-:

public budgeting is mean for the president enter help to decide how much money to spend , what to spend it on and how to raise the money they have decided to spend.

Public budgeting promote at various points which are as under:-

1)it helps to reduce inequality and essential for low and middle wage workers ability to obtain fair share of economic growth

2) it promotes strong support two families with better benefits another process

3) it has today's wage for women.

Each stages of public budgeting cycle:--

1) prepare your budget

The first step process to create budget started from ground level with careful how much income is needed and how spend it at various activities. Decision of leadership and vision

2) get your budget approved

The second step of process is to get your budget approval. Is process is a bit messy. It is not an buse of yes or no , it is subject of debate. In this step accountant has to check out all points included in budget before it present in front of authorities. It must be reliable.

3) execute your budget

After budget is approved it's time to implement it. It must be carefully implemented without any wrong policy. It is based on your revenue spend of money must be lower than revenue.

4) evaluate your budget regularly

Budget should be reevaluated from time to time and if need be revised. Changes in revenue adjustments to cost and new information about your customer. Research on government new policy and modify it in budget.

Consideration to adopting revenue sources are as under

1) taxes should be based on individual ability to pay

2) it must be simple, possible as well as for both taxpayers and tax administrators

3) if government policy changes then it should be easy to modify text policy also

4) it must be cost effective in science of collecting and controlling taxes it should be kept to the lowest level

5) it must be convenience for taxpayers governments allowed the payment of large tax liabilities in installments and generous time limit for completing Returns.