Which of the following is the largest category of federal government expenditures?
As Figure A suggests, Social Security is the single largest mandatory spending item, taking up 38% or nearly $1,050 billion of the $2,736 billion total. The next largest expenditures are Medicare and Income Security, with the remaining amount going to Medicaid, Veterans Benefits, and other programs.
What is the largest category of federal government expenditures?
In 2020, Congress budgeted $1.6 trillion in discretionary spending. By far, the biggest category of discretionary spending is spending on the Pentagon and military. In most years, this accounts for more than half of the discretionary budget.
Which of the following is the largest expenditure category for the federal government quizlet?
At the present time, Social Security is the federal governments largest category of spending.
What are the 3 largest categories of federal government spending?
Which of the following are the three largest categories of federal government spending? Health, Military, and Interest on Debt.
What are the biggest government expenditures?
As Figure A suggests, Social Security is the single largest mandatory spending item, taking up 38% or nearly $1,050 billion of the $2,736 billion total. The next largest expenditures are Medicare and Income Security, with the remaining amount going to Medicaid, Veterans Benefits, and other programs.
What are the 5 largest federal expenses?
Major expenditure categories are healthcare, Social Security, and defense; income and payroll taxes are the primary revenue sources. The expenditures of the United States federal government as a percentage of GDP over time.
What is the largest source of federal revenue?
The individual income tax
The individual income tax has been the largest single source of federal revenue since 1950, amounting to about 50 percent of the total and 8.1 percent of GDP in 2019 (figure 3).
What are the main categories of US federal government spending quizlet?
What are the main categories of U.S. federal government spending? The main categories are national defense, Social Security and Medicare payments, and interest on the debt.
What are the 12 categories of expenditures in the federal budget?
(1) Social security, (2) national defense, (3) income security, (4) Medicare, (5) health, (6) net interest on debt, (7) education/training/employment & social services, (8) transportation, (9) veterans’ benefits, (10) administration of justice, (11) natural resources & the environment, (12) other.
What are the main categories of US federal government taxes?
The three main sources of federal tax revenue are individual income taxes, payroll taxes, and corporate income taxes.
What are government expenditures?
Definition: Government expenditure refers to the purchase of goods and services, which include public consumption and public investment, and transfer payments consisting of income transfers (pensions, social benefits) and capital transfer.
Where does the largest amount of federal tax revenue come from quizlet?
At the federal level, individual income taxes provide the greatest revenue source.
Which tax is the largest source of tax revenue in the United States quizlet?
The largest source of federal government tax revenue is individual income taxes.
What are the three largest sources of federal tax revenues quizlet?
The three main sources of federal tax revenue are individual income taxes, payroll taxes, and corporate income taxes.