Spending and Taxation
- Created by: shay.
- Created on: 20-03-18 14:26
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- Spending and Taxation
- Gov Revenue (taxes)
- Income
- % of earnings
- NI
- Tax on income
- VAT
- paid on everything but kids clothes, food, books and newspapers
- Council
- value of your house
- Excise duties
- charge mainly for items that aren't good for you like alcohol and cigarettes
- Corporate
- by every business
- Income
- Expenditure (gov departments)
- Education
- 3rd most expensive
- Defence
- Health
- 2nd most expensive
- Transport
- Social security
- most expensive
- Education
- as demands change, so does spending
- e.g, school leaving age rises = more money to fund education
- winter flu virus = more money to fund health
- Inflation and Deflation
- Inflation links to increased burden on pub spending
- e.g high inflation means pensions cost Gov more
- Inflation links to increased burden on pub spending
- Gov Revenue (taxes)
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