Question

What is the main sources of revenue for and the largest expenditures made by federal, state, and local governments? Utilize a peer reviewed source

Answer 1

Ans.

For Federal Government:
-Largest spending is Mandatory Spending.

-Government spending is separated into three classifications: mandatory spending, budgeted at $2.966 trillion; discretionary spending, determined to be $1.485 trillion; and national obligation, evaluated to be $378 billion

-Mandatory spending is comprised of qualification projects, for example, Social Security, Medicare, and joblessness pay. It likewise incorporates government assistance projects, for example, Medicaid. Largest component is social security.

-Revenue key component is the taxes (both Payroll taxes paid by salaried employees or taxes paid by business ) amounting to $ 1.932 trillion , which equals to 50% of the revenue.

For State and local governments the largest income comes from the property taxes , followed by the sales tax . And for State and local governments the largest expenditure is on the public welfare and Elementary and secondary education.