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∙ 15y agoTo pay for all the services and things the society it governs wants and needs, and in the case of the US approves through the legislative/elective process. Like military, security, science programs, public works, social programs and benefits, etc.etc.
Wiki User
∙ 14y agoA budget is a statement of planning for expenditure, that allows goals to be set for financial reasons; basically, someone making a budget for whatever reason says "this is how much money we have now, this is how much we expect/will allocate to spend in these areas, this is what we expect to earn, and this is what we expect to end up with".
Wiki User
∙ 13y agoto get rich
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Explain why tax revenue changes when the economy goes into a recession?
Tax revenue changes when the economy goes into a recession. When there is a recession, the government increases tax revenue. The government does this because less people are spending money.
What are Government revenue from the groundnut industry?
TAX
What does the Laffer curve show?
The laffer curve shows that there is a level of taxation at which government revenue is maximised. It assumes that government revenue will be zero if tax rate is 100% since nobody would work and assumes that if tax rate was zero then government would receive no revenue. As such it is logical to assume that there must be a tax rate between 0 and 100 which would maximise government revenueThe Laffer curve is a graph in economics that shows the relationship between the federal tax rate, and total government revenue. If the y-axis is government revenue, and the x-axis is tax rate, the graph appears to be an upside down parabola; however, if the x-axis is govt. tax revenue, and the y-axis is tax rate, the graph is a sideways, parabolic non-function. Either way, at a tax rate of 100%, there is $0 in revenue, and at a tax rate of 0%, there is also $0 in revenue. It illustrates that at a certain tax rate, govt. revenue is maximized.
Why is income tax important for the government?
income tax is one of the most important source of government revenue. in us around 31% and UK around 29% of government revenue comes from income tax . this is the biggest source of governments revenue. this is only one of many imporatnce.
What is the federal governments biggest single source of tax revenue?
The individual income tax is the government's biggest single source of tax revenue.
What is the largest source of revenue for the Indian government?
Indian government earns maximum revenue from corporation tax..
Explain why tax revenue changes when the economy goes into a recession?
Tax revenue changes when the economy goes into a recession. When there is a recession, the government increases tax revenue. The government does this because less people are spending money.
What are Government revenue from the groundnut industry?
TAX
What is revenue tax?
Tax revenue is the income that the government gets from individuals paying their yearly taxes. Anytime taxes are taken out of your paycheck, that goes to the governments tax revenue.
What is a government tax foreclosure property?
It is property "seized" by the government for non-payment of taxes or in satisfaction of a tax lien. It can either be converted to government use or sold at auction to raise revenue.
Which of these is the primary source of tax revenue for the national government?
income tax
What does the Laffer curve show?
The laffer curve shows that there is a level of taxation at which government revenue is maximised. It assumes that government revenue will be zero if tax rate is 100% since nobody would work and assumes that if tax rate was zero then government would receive no revenue. As such it is logical to assume that there must be a tax rate between 0 and 100 which would maximise government revenueThe Laffer curve is a graph in economics that shows the relationship between the federal tax rate, and total government revenue. If the y-axis is government revenue, and the x-axis is tax rate, the graph appears to be an upside down parabola; however, if the x-axis is govt. tax revenue, and the y-axis is tax rate, the graph is a sideways, parabolic non-function. Either way, at a tax rate of 100%, there is $0 in revenue, and at a tax rate of 0%, there is also $0 in revenue. It illustrates that at a certain tax rate, govt. revenue is maximized.
Why is income tax important for the government?
income tax is one of the most important source of government revenue. in us around 31% and UK around 29% of government revenue comes from income tax . this is the biggest source of governments revenue. this is only one of many imporatnce.
Which tax is not levied by the union government?
land revenue
Which direct tax gives maximum net revenue to the government?
income tax
What is the most important source of tax revenue of the union government?
corporation tax
Largest single source of the government earning from the tax revenue?
earning tax
