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Ethics in Public sector - USA - Essay Example

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Name: College: Course: Tutor: Date: Finance and Budgeting Section V – Finance and Public Budgets Question 1 It is the responsibility of local governments to provide certain essential services within their jurisdiction. In order to provide these services, they have to generate revenue with which to fund service provision…
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Ethics in Public sector - USA
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Ethics in Public sector - USA

Intergovernmental transfers are explicit transfers of funds from the state and Federal governments. The Federal government uses numerous different government programs to implement intergovernmental transfers. Temporary Assistance to Needy Families (TANF) and Medicaid are just a few examples of the numerous Federal government programs which provide support for local government expenditure on financial assistance to low-income households and health care. Intergovernmental transfers have a positive effect on local residents and businesses because they enable the provision of essential services. Essential services improve the welfare of residents and provide local businesses with an accommodating environment for carrying out their activities. They include public safety, sanitation, education, environmental and natural resource management, transportation, public health, economic development, and capital expenditure on infrastructure. The amount of Intergovernmental transfers allocated to various local authorities varies considerably. It is not a reliable source of revenue for local governments, and the Federal government provides intergovernmental transfers based on need and merit among the jurisdictions of local governments, as well as the national economic circumstances. ...
in terms of property tax. Property taxes account for the majority portion of tax revenue collected by local governments. It may be levied on personal property or real estate. These include buildings, land, and personal improvements. Local governments mainly use revenue from property tax to fund public schools, therefore, serving to facilitate the provision of quality education. They also use it to finance the provision of social services and amenities. Property taxes levied on businesses reduce their revenue and profits. Businesses do not benefit from them because their main use is funding of public schools at the expense of improving infrastructure. Property taxes are relatively reliable as a source of revenue for local governments because they do not fluctuate significantly in response to changing economic circumstances. Local governments usually calculate it as the property’s fair market value times a tax rate times an assessment ratio, and may adjust the tax rate to maintain steady revenue even when economic circumstances are unfavorable. Sales and gross receipts tax are the third major sources of revenue for local governments in the U.S. Local governments impose sales tax on the consumers of products produced by various businesses, whereas they levy gross receipts tax on a company’s total gross revenue. Sales and gross receipts tax are unpopular among residents and businesses respectively. This is because sales tax makes goods more expensive for consumers and gross receipts taxes reduce the income and profits of businesses. Revenue from sales and gross receipts tax vary in accordance with economic circumstances. This is because the income of businesses and the ability of residents to spend on ... Read More
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