0
Yes. The debt is a total of all previous budget deficits, just as your total credit-card bill is a sum of all the months you've over-spent your monthly income. The interest on that debt is about 20% of the current budget, and yes, that interest is paid for out of general tax revenue.
What else can I help you with?
Why do taxes increase?
taxes increase as the debt cieling increases to keep the american government in order and slow the "digging our own hole to fall in".
What if you owe IRS but have a refund?
If you owe money to the IRS for prior years taxes, and you have a refund due to you on this year's taxes, the IRS will keep the refund and apply it towards the debt that you owe.
Who owed the huge debt left over from the American revolution?
if who ever wrote this meant how did Britain pay there war debt .ANSWER IS : they used taxes to pay for it
How did the great Britain debt afther the french and Indian war lead to the American revolution?
Higher taxes. Especially on tea
What is the difference between tax and debt?
1) Compulsion : In Taxation , Taxes are compulsory payment whether they are direct and indirect. While in debt , Public debt are voluntary and not compulsory with the exception of when they are increased during crisis like war. 2) Limits : In Taxation , Taxes cannot be increased beyond maximum taxable ability of the people. While in debt , there are no such limits in public debt.
What did the British impose taxes on?
The British taxed on paper,glass, ext.
Do taxes pay off the national debt?
The national debt can be repaid by taxes, but only if the amount of other spending is less than the amount of taxes that are collected. If the government continues to spend more money every year than it collects in taxes, then the debt will necessarily increase.
How did Cleopatra help Egypt get out of debt?
Cleopatra helped get Egypt out of debt by taxes, taxes, taxes! She raised the export/import taxes and raised the personal taxes of the wealthy. She also had access to all the profits from the papyrus trade and took a royal share of the grain export. She was able to exploit Egypt's wealth to free the country from debt.
Taxes and this led to farmers rebellion?
Debt
Do you have to pay taxes on a canceled debt?
yes
Are taxes and insurance included in the debt-to-income ratio calculation?
Yes, taxes and insurance are typically included in the debt-to-income ratio calculation. This ratio compares a person's monthly debt payments to their gross monthly income, including expenses like taxes and insurance.
Are property taxes included in the debt to income ratio calculation?
Yes, property taxes are typically included in the debt-to-income ratio calculation. This ratio is used by lenders to assess a borrower's ability to manage their monthly debt payments, including property taxes, in relation to their income.
