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Budget Surplus
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∙ 13y ago
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What is the basic principle of tax system?
To generate revenues to pay for government expenditures.
What happen when revenues exceed expenditures?
Providing nothing has been overlooked, you make a profit but don't forget to allow for tax to be paid on your profits. The amount of profit has to be considered to ensure you are masking a sufficient return for your capital and efforts. Is the rate of return better than you could have achieved by investing the money somewhere else for instance?
What happens to government revenues when the government tax base is increased?
When the government tax base is increasedgovernmentrevenues will increase.
What is the definition of total gross taxable revenues?
"Total gross taxable revenues" means revenues from all your sales which are subject to tax. == == Total Revenue - Exempt Revenue = Taxable Revenue Exempt revenue - Eg. a sale made to the Government .. You do not have to pay tax on it since you do not charge them with tax. (This example may not be applicable to all countries)
Basic principle of sound tax system?
(1) Fiscal adequacy - means that the sources of revenues should be sufficient to meet the demand of public expenditures.(2) Equality or theoretical justice - means that the tax burden should be in proportion to the taxpayer's ability to pay. (ability-to-pay principle). (3) Administrative feasibility - means that tax laws should be capable of convenient, just and effective administration.
What is the basic principle of tax system?
To generate revenues to pay for government expenditures.
Annual tax revenues in Illinois exceeds billions dollars?
Annual tax revenues in Illinois exceed $51,000,000,000 ($51 billion).
When annual expenditures are greater than tax revenues?
When annual expenditures are greater than tax revenues, it results in a budget deficit. This means that the government is spending more money than it is receiving in taxes. To cover the deficit, the government may borrow money by issuing bonds or increasing its overall debt.
What statistics do IMF staff members gather from member countries?
Statistics are also collected on such matters as exports and imports, tax revenues, and budgetary expenditures.
Are tax revenues of local governments more than equal to or less than their expenditures?
Usually a lot less. A substantial part of their income is in the form of grants from Central Government.
How does the elasticity of demand influence the tax revenues?
Elasticity of demand influenced tax revenues
What happen when revenues exceed expenditures?
Providing nothing has been overlooked, you make a profit but don't forget to allow for tax to be paid on your profits. The amount of profit has to be considered to ensure you are masking a sufficient return for your capital and efforts. Is the rate of return better than you could have achieved by investing the money somewhere else for instance?
What are the four major sources of state tax revenues?
ingovernmental revenues, employee retirement contributions, individual income & sales tax.
How is personal income tax used?
The federal government uses the income tax for general federal purposes. It is not designated for any specific purpose. Revenues from the tax can be used for anything from soldiers' salaries to interest on the national debt and millions of other expenditures. State and local income taxes are used according to state and local law.
Are swimming fee tax deductible?
No they are not. They are recreational expenditures.
What does the decrease in tax rates increase?
Economic activity and total tax revenues.
How is capitals gain tax used?
The federal government uses the capital gains tax for general federal purposes. It is not designated for any specific purpose. Revenues from the tax can be used for anything from soldiers' salaries to interest on the national debt and millions of other expenditures. State and local income taxes are used according to state and local law.
