1. Federal versus state and local government The U.S. federal government collect

Question

1. Federal versus state and local government

The U.S. federal government collects about two-thirds of the taxes in the U.S. economy, while state and local governments collect the rest. The following questions will help you understand how each government branch obtains and spends its revenue.

In the following table, identify which government branch collects each of the taxes listed on the left. Check all that apply.

Tax

Collected By

Federal Government

State and Local Government

In the following table, identify which government branch is responsible for each of the spending categories listed on the left. Check all that apply.

Category

Spent By

Federal Government

State and Local Government

When the total receipts of the federal government exceed total spending, the government is said to run a budget ................. (fill in the blanks) .

Tax

Collected By

Federal Government

State and Local Government

Corporate income taxes Property taxes Sales tax

Explanation / Answer

When the total receipts of the federal government exceed total spending, the government is said to run a budget Surplus

Tax Collected By Federal Government State and Local Government Corporate income taxes Yes Property taxes Yes Sales tax Yes

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