Theme: Sources of Public Revenues

by Julia Oreshnikova

The Outline

Introduction

The main sources of public revenues

Taxes throughout the history

To conclude: Global economic crisis

Sources used

Miscellaneous revenues

1. GiftsExample 1: Mr. Smithson left the United States half amillion dollars to be used in the foundation of theSmithsonian Institution for the Advancement ofScience. Example 2: Less than a quarter of a century ago, acitizen of NewJersey left the United States nearly amillion dollars to be applied to the payment of thenational debt.

2. Fines3. Escheats

- a legal term used to describe a property thatfalls to the government after the owner’s death if thereare no heirs

4. Conscience money- money sent without name by persons who havedefrauded the government

Public Domains

• a source of considerable revenue in Germany and some other countries

• public ownership of forests exists practically everywhere

Public Industries

-manufacture of fine china, has had its origin in

government establishments

Public Loans

-gives rise to public debts

State Lotteries

Fees and special assessment Fees- an amount of money you pay to the government forthe service.Examples: the payment demanded for recordingmortgage, any court charge, a charge for marriagelicense. Special assessment- an additional tax levied on private property forpublic improvements that enhance the value of theproperty.

TAXATION

Ad valorem (налог на стоимость) Capital gains tax Consumption tax Corporation tax Environment Affecting Tax Excises Income tax Inheritance tax Poll tax (подушный налог) Property tax Retirement tax Sales tax Tariffs Toll (пошлина, сбор) Transfer tax Value Added Tax / Goods and Services Tax Wealth (net worth) tax

JUST TAX - ?

“Just tax” comes from “justice”

Taxes: progressive, regressive and

proportional. But no just!

“Of two evils choose the least”

Quick summarizing

Sources of Public Revenues:• miscellaneous revenues (gifts, fines, escheats,

“conscience money”)• Public Domains • Public Industries• Public Loans• Lotteries• Fees• Special Assessments• Different kinds of taxes

Taxes throughout the history

Source: Roberton Williams, “Where does Federal Revenue come from?”, The tax policy centre.

Federal Revenues by Fiscal Year (Trillions of dollars)

Source: Congressional Budget Office // www.cbo.gov

Instead of Conclusion - Lyrics

“If you drive a car, I’ll taxthe street,If you try to sit, I’ll taxyour seat”.

The Beatles, “Taxman”

Sources used

• Richard T. Ely, George Ray Wicker, “Elementary Principles of Economics”.

• Roberton Williams, “Where does Federal Revenue come from?”. The tax policy centre.

• www.cbo.gov• www.wikipedia.com• Macmillan dictionary