Categories of Revenues for the Federal Government

Revenue refers to the income that an entity receives. Federal revenues thus refer to the income that is attributed to the federal government’s reserves. The federal government can be said to be majorly dependent on three categories of sources of revenues.Advertising We will write a custom essay sample on Categories of Revenues for the Federal Government specifically for you for only $16.05 $11/page Learn More The first category of the federal revenue which is also the major one is individual income tax. This is the most significant as it averagely forms about a half of the federal government revenues. A consideration of the data offered by the congressional budget office for example reported the country’s federal revenue to be composed of one thousand one hundred and forty six billion dollars of individual income tax out of the total revenue which was reported at slightly above two thousand five hundred billion dollars in the year 2008. The trend of the federal revenues as projected by the body for the time period ranging from the year 2008 up to the year 2019 also describes the same percentage of individual income tax in projections. Other sources of federal revenue include corporate income tax and social insurance taxes (Congressional, 2009). The individual income tax has its history ranging all the way back to the nineteenth century with controversies that preceded its enactment in the year 1913. For the purpose of the individual income tax, internal revenue service was established to ensure collection of such taxes and ensuring that citizens adhere to paying of taxes as prescribed. The body was thus given the responsibility to â€Å"investigate and prosecute thousands of slackers who don’t pay their taxes† (Lcsd, n.d., p. 1) and even to audit those who pay taxes to ensure compliance to the provisions of taxes according to the rates. Though not in totality, the individual income tax is based on the pa yee as you earn basis. The more an individual earns, the more he or she pays to the federal government in terms of tax.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The higher percentage that individual income tax contributes to the total federal revenue as compared to other taxes is attributable to the relatively higher rates that are charged on individual tax as compared to other taxes such as corporate tax. It is for example noted that while individual tax is charged at an average of almost fifty cents for every single dollar that an individual earns, corporate tax is charged at about forty cents lower on every single dollar earned by each corporate society. While individual income tax is charged on individuals, corporate tax is charged on business entities on their income. The other major contributor to the federal revenue, social insurance taxes, on the other hand incorporates both individuals and corporate entities. The tax which is consolidated for social security is charged on both workers and their employers and separately treated from the federal’s general consolidated funds. The three sources of revenue hold mutual importance to one another. One of the most important aspects of the revenue sources is the shared responsibility that ensures that one source is not overwhelmed by the federal need for financing its expenditures. The social insurance tax, which is spread among individual employees and employers, a category that includes corporate bodies, ensures a shared responsibility among the parties that are charged with the payment of tax in the different category. This shared responsibility as a result benefits the contributors of both individual tax as well as the corporate taxes in that if the responsibility was put on one party then it would cause more strains off the equilibrium.Advertising We will write a custom essay sample on Categorie s of Revenues for the Federal Government specifically for you for only $16.05 $11/page Learn More The social security tax also benefits in the fact that the shared responsibility that allows for the contribution without more strain that would be realized if it were to be charged on one source ensures its feasibility at equilibrium economic forces. The revenue sources also enjoy the mutual importance of fulfilling the common objective of contributing to the federal expenditures (Lcsd, n.d.). Major Categories of Expenditure for the Federal Government Federal expenditure is majorly divided into two categories, discretionary and mandatory. Discretionary federal expenditure has its provisions made after periodic time durations which are normally a year. This category expenditure is further divided into military and those expenditures that are not geared towards military operations. Military expenditures however form the main basis of discretionary expenditure. Ot her discretionary expenditures are absorbed in the operation of the duties of the federal government and the management of its operating departments. This expenditure has however been realizing a reducing trend in terms of the percentage of the government’s total expenditure. Mandatory expenditure is a set of federal expenditures that are permanently provided for by federal legislations. It includes expenditures into â€Å"social security, Medicare and Medicaid† (Lee et al., 2008, p. 46) among others. The mandatory expenditure is significantly biased towards financing of social security and health benefits in term of contributions towards Medicare as well as Medicaid. While the discretionary federal expenditure has been declining over the past decades, the mandatory expenditures have been on the rise and currently constitute a larger percentage of the federal expenditure as compared to discretionary expenditure.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More While the mandatory expenditure is majorly focused towards service provision to citizens for a better welfare, discretionary expenditures are majorly associated with the stability and functionality of the government both internally and externally. Owing to the single source of financing for both discretionary and mandatory expenditures, they derive the mutual benefit of efficiency in use of finances for every category of expenditure. Efficiency in use of funds in discretionary expenditure will for instance reduce or even totally eliminate wastages which will mean more availability of funds for the other category of expenditure (Lee et al., 2008). Level of Federal Debt A review of the level of federal debt as reported by the congressional budget office shows an increasing trend which has been transmitted to the forecast of the country’s future debt. The federal dept as recorded in the year 2008 was at slightly above five trillion dollars. A forecasted trend of the same is howe ver revealing a consistently increasing debt value at yearly intervals. A statistic review will thus reveal a closely consistent increasing debt values over the past years as a basis for the increasing forecast. The current level of federal debt raise concerns especially due to the fact that the government is spending a lot of money on foreign missions such as aid and military advances in other countries. A sound opinion would be for the federal government to reduce its foreign expenses to first cover for its debt. The forecasted increasing trend of the country’s dept is also alarming and should be checked in terms of adopting necessary policies (Congressional, 2009). References Congressional. (2009). The budget and economic outlook: Fiscal years 2009 to 2019. Retrieved from: https://www.cbo.gov/ftpdocs/99xx/doc9957/01-07-Outlook.pdf Lcsd. (n.d.). Sources of federal revenue. Web. Lee et al. (2008). Public budgeting systems. Sudbury, MA: Jones Bartlett Learning. This essay on Categories of Revenues for the Federal Government was written and submitted by user Charle1gh to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Free Essays on Mona Lisa

For this art essay I decided to learn and critique on an artist by the name of Leonardo da Vinci. I chose him because I didn’t know that much about him and wanted to know why he is so admired and famous? Did he become famous before or after he died? What makes Leonardo unique compared to other artists? I also wanted to learn more about the Mona Lisa. Why is it such famous and valuable painting for just being a picture of a lady? Is the Mona Lisa the Leonardo’s only famous painting? All of these questions I hoped to be able to answer. Leonardo da Vinci was born in 1452 and died in 1519. Painting and being an artist is in the da Vinci genes. When Leonardo was just fifteen years old his artistic career had begun. He was an apprentice for a famous artist by the name of Verrochio. While working for Verrochio he did little things in the background of paintings and eventually became an even better painter than Verrochio. From here he became famous in his early twenties. He wasn’t only a painter, but also an inventor. Inventing things like flying machines, geometry, mechanics, municipal construction, canals and architecture. Leonardo da Vinci liked to use two main types of techniques in his paintings; sfumato and chiaroscuro. Sfumato is a technique that artists use to make smoky overall haze effect to a painting using a lightly tainted varnish. Leonardo da Vinci liked to use this technique because dusk was his most favorite time of the day and during dusk usually came fog. The other technique he liked to use was chiaroscuro. Chiaroscuro is a technique that an artist uses to define an object through contrast of light and shadowing. He liked to use this technique because it made a picture look more realistic and lifelike. Leonardo da Vinci was the first artist to study the human anatomy. This in return he would use in his paintings to give proportion body parts on human figures. Over Leonardo’s lifetime he did man... Free Essays on Mona Lisa Free Essays on Mona Lisa For this art essay I decided to learn and critique on an artist by the name of Leonardo da Vinci. I chose him because I didn’t know that much about him and wanted to know why he is so admired and famous? Did he become famous before or after he died? What makes Leonardo unique compared to other artists? I also wanted to learn more about the Mona Lisa. Why is it such famous and valuable painting for just being a picture of a lady? Is the Mona Lisa the Leonardo’s only famous painting? All of these questions I hoped to be able to answer. Leonardo da Vinci was born in 1452 and died in 1519. Painting and being an artist is in the da Vinci genes. When Leonardo was just fifteen years old his artistic career had begun. He was an apprentice for a famous artist by the name of Verrochio. While working for Verrochio he did little things in the background of paintings and eventually became an even better painter than Verrochio. From here he became famous in his early twenties. He wasn’t only a painter, but also an inventor. Inventing things like flying machines, geometry, mechanics, municipal construction, canals and architecture. Leonardo da Vinci liked to use two main types of techniques in his paintings; sfumato and chiaroscuro. Sfumato is a technique that artists use to make smoky overall haze effect to a painting using a lightly tainted varnish. Leonardo da Vinci liked to use this technique because dusk was his most favorite time of the day and during dusk usually came fog. The other technique he liked to use was chiaroscuro. Chiaroscuro is a technique that an artist uses to define an object through contrast of light and shadowing. He liked to use this technique because it made a picture look more realistic and lifelike. Leonardo da Vinci was the first artist to study the human anatomy. This in return he would use in his paintings to give proportion body parts on human figures. Over Leonardo’s lifetime he did man...

Computer tech case 2 Term Paper Example | Topics and Well Written Essays - 750 words

Computer tech case 2 - Term Paper Example Literacy skills involving getting and presentation of information using hardcopy There are several instances that I use hard copy books, magazines, newspapers and brochures to get information. I spend an approximate average of 2 hours to physically read hardcopy books. In most cases, I read short story books to enhance my reading and research skills. There are several instances where I communicate through letters especially when making applications for part time jobs and when writing friendly letters to my cousins. During school days, some of my assignments are presented in form of hardcopy and so, writing and reading skills has been imperative on the techniques I use in presenting my assigned essays, research papers and proposals. Although I use pens in writing and reading hardcopy text in my daily activities, it is not my major priority of presenting and receiving information because I accord them minimal time (Lewis, 2001). Media literacy skills and practices Media literacy can be defined as comprehending the modalities of producing and distributing information. Currently, the best informal communication method that I use is the social media. The common social media platforms that I use are www.facebook.com and www.twitter.com. I use these sites to communicate with friends, relatives, in some cases my instructors and to express my opinion on political, social and economic issues that affect me directly. I accord social media approximately five hours a day. As such, I can state that I spend a large portion of my time on social media. There are other forms of media that I use formally for my learning and communication with my instructors. I spent an approximate average of 3 hours a day on them. The major media that I use are education websites such as www.thefreedictionary.com where I get educational information after conducting research, Job searching websites such as LinkedIn where I seek for part time jobs and get information about the requirements of diffe rent types of jobs, and institutional website that I utilize to upload my assignments to my instructors, get instruction material and for general communication with the institution (Bassnet &Lefevere, 1998). Technology literacy skills and practices The modern world has experienced a major revolution in technology in literary practices. There have been hi-tech innovations in technologies resulting in state of art information processing devices such as computers, communication devices such as cellular phones, and other digital technologies such as state of art televisions. The computer has been essential in my daily activities, and my computer literacy has assisted me in utilizing the device accurately in processing and receiving different forms of information. I use the computer to access academic and non academic information in the internet. Further, I use the computer to write and do calculations. The computer enables me to access social media, educational websites and undertake co mmunications through emails. I spend approximately 7 hours a day on my personal computer. I use cell phones specifically for making formal and informal communications. Further, I use it to access the internet and conduct internet