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In economics and political science, fiscal policy is the use of government revenue collection (taxes or tax cuts) and expenditure to influence a country's economy. The use of government revenue expenditures to influence macroeconomic variables developed in reaction to the Great Depression of the 1930s, when the previous laissez-faire approach ...
During FY2017, the federal government collected approximately $3.32 trillion in tax revenue, up $48 billion or 1.5% versus FY2016. Primary receipt categories included individual income taxes ($1,587B or 48% of total receipts), Social Security/Social Insurance taxes ($1,162B or 35%), and corporate taxes ($297B or 9%).
t. e. Public finance refers to the monetary resources available to governments and also to the study of finance within government and role of the government in the economy. [ 1 ] As a subject of study, it is the branch of economics which assesses the government revenue and government expenditure of the public authorities and the adjustment of ...
A balanced budget (particularly that of a government) is a budget in which revenues are equal to expenditures. Thus, neither a budget deficit nor a budget surplus exists (the accounts "balance"). More generally, it is a budget that has no budget deficit, but could possibly have a budget surplus. [1] A cyclically balanced budget is a budget that ...
e. The government budget balance, also referred to as the general government balance, [ 1 ]public budget balance, or public fiscal balance, is the difference between government revenues and spending. For a government that uses accrual accounting (rather than cash accounting) the budget balance is calculated using only spending on current ...
Federal spending per capita (that is, per person in the U.S.) was approximately $11,551 during 2011, versus $6,338 in 2000. Adjusted for inflation, these amounts were $5,133 in 2011 and $3,496 in 2000. Adjusted for inflation, federal spending per person remained around $3,500 throughout the 1990s.
A balanced budget amendmentor debt brakeis a constitutionalrule requiring that a statecannot spend more than its income. It requires a balance between the projected receipts and expenditures of the government. Balanced-budget provisions have been added to the constitutionsof Germany, Hong Kong, Italy, Poland, Slovenia, Spainand Switzerland ...
Hauser's law is the empirical observation that, in the United States, federal tax revenues since World War II have always been approximately equal to 19.5% of GDP, regardless of wide fluctuations in the marginal tax rate. [1] Historically, since the end of World War II, federal tax receipts as a percentage of gross domestic product averaged 17. ...