State Budget

Topics: Taxation, Income tax, Corporate tax Pages: 2 (576 words) Published: August 10, 2012
SC the number one source of revenue was individual income taxes which were approximately $976,054 for the 4th quarter of 2011. The 2nd largest source of revenue for SC was general sales and gross receipts which was approximately $686,433. The third largest source of revenue for SC was motor fuel sales taxes which were approximately $129,622. The income tax funds are used for education, Medicare/Medicaid, low income housing, and other federal programs.

The burden of SC and local taxation is relatively low for state and local taxes compared to other states. According to Table 3, North Carolina did not have any property tax revenue, but have a large revenue from general sales and gross receipts. the state burden for Georgia is individual income tax. the highest producers of revenue thus they are the highest tax paid by the residents of the states. Georgia mainly relies on the taxation of working incomes as this is their major revenue source.

Based on the “Tax Proposals in the 2011 Budget: What’s in It for You?” e-Activity, explain the implications of the proposal for your state’ s budget of your state with respect to:
Individual taxation – According to the ABC news article President Obama has proposed strong budget cuts and many of them seem to be focused on the lower and middle class American. He has proposed a budget with more than $140 million in tax cuts “designed to ease the burden of the burdens a middle class family faces when caring for children, paying for college and saving for retirement. He has proposed extending the Bush era budget cut for individuals and families earning less than $200,000 and $250,000 respectively. He has also proposed extending the “Making Work Pay Tax Credit” while at the same time proposing tax cuts and tax rate and capital gains increases for individuals and families making more than $200,000 and $250,000 respectively. So it just seems that he is trying to help the “regular” person/family while the country...
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