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.

How to Play Beach Ball Buzz, an Icebreaker Game

How to Play Beach Ball Buzz, an Icebreaker Game Have a little beach fun without leaving your classroom! The game of Beach Ball Buzz can be as exciting as you choose, depending on the questions you write on the ball. Its a perfect game to use as an ice-breaker to get to know new people and a fun way to pass the hot summer months. The questions are all up to you, so you can make them related to a specific topic or make them completely frivolous and fun. Group Size Large or small groups can play Beach Ball Buzz, which only requires a minimum of two people. Applications The game can be used as part of the process of making introductions with a new class or at a meeting, it can be used as an energizer after lunch or a long discussion, or as stress relief during test prep. Time Needed Plan for the game to last about 30 minutes. Materials Needed You’ll need a permanent marker and a large blow-up beach ball- the classic type with the colored sections that you can find at most stores, especially in the summer. Instructions Make a list of questions you’d like your participants to answer. Blow up the beach ball and write a question or two on each section of the ball. To play the game, toss the ball around the room. Whoever catches it gives their name and answers the question in the section under their left thumb. Sample Personal Questions What is the funniest movie you’ve ever seen?If you were a cartoon or comic character, who would you be?What is the worst thing you’ve ever tasted? Did you swallow it or spit it out?What one thing have you kept forever that you really should throw away?What’s your greatest pet peeve?If you were stranded on a desert island, what three things would you want to have with you?Who is your favorite person and why?If you were a superhero, what powers would you have?What was your first car and did you love it or hate it?Who is the most famous person you’ve met?Describe your fantasy vacation.If you could meet any historical figure, who would it be and why?What is your song and why?How do you celebrate your birthday?What is the most embarrassing thing you’ve ever done?If you could be any animal, which would you choose and why?What was the worst day of your life? Why?Create a slogan for your life. Sample Questions for Professional Settings Who was your favorite teacher and why?What was the most memorable thing you experienced in college?What gets you up in the morning?Share three things about you that you think no one here knows.Share something you love to do that you get to do nearly every day.Whats your most important challenge currently?How much money would you need to walk away from your job?If you could go back in time, would you have chosen a different path?What would you like to accomplish this year?What is the most important goal that you want to accomplish during your lifetime?What worries you most about work?What excites you most about work?What is your most underutilized talent?Whats the single most important word that youd like to hear from your boss?What would you like to be remembered for? Debriefing No debriefing is necessary unless the exercise is part of a lesson or the questions are related to a discussion topic in some way.