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Deficit: Why Should I Care? by Marie Bussing-Burks

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Financial Management, Government Style

Another role of the U.S. government is financial management. This large responsibility includes levying taxes, borrowing funds when necessary, and preparing a budget.

The U.S. government has a financial master plan—a budget—that enables it to implement and maintain government programs and deliver services. How does it go about financing its expenditures? Government expenditures are financed through revenues, largely taxation, and government borrowing.

Taxing

Most government spending is financed via taxation. According to the 16th Amendment to the U.S. Constitution, ratified in 1913, Congress is authorized to tax personal and business income. It is worth noting that among all U.S. government receipts, personal ...

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