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Identify the main sources of revenue for and the largest expenditures made by federal, state, and...

Identify the main sources of revenue for and the largest expenditures made by

federal, state, and local governments.

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Answer #1

Sources of revenue of Fed are:

  • Income tax
  • Social Security tax
  • Payroll tax
  • Corporate tax
  • Excise tax

Expenditure of Fed are:

  • Transfer Payments
  • Social security contribution
  • Public Investment
  • Healthcare
  • Military
  • Innovation and technological advancement

Sources of revenue of state and local government are:

  • Property sales tax
  • Consumption tax
  • Profit from bonds sold to individuals and companies

Expenditure of state and local government are:

  • Education
  • Insurance trust
  • Medicaid
  • Public welfare
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