Montana Recommended Spending Percentages
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Montana's budget basics According to the National Association of State Budget Officers (NASBO), Montana's total expenditures in fiscal year (FY) 2021 were $11.1 billion, including general funds, other state funds, bonds, and federal funds.
Taxes collected from both direct tax and indirect tax are the government's tax revenue. It includes collections from income tax, corporation tax, customs, wealth tax, tax on land revenue, etc. Direct tax is the tax that is paid directly to the government by the person or company on whom it is levied.
Terms in this set (14) The main revenue sources for state and local governments are sales taxes, property taxes, and revenue passed along from the federal government. State and local governments collect taxes imposed on business firms.
State and local governments collect tax revenues from three primary sources: income, sales, and property taxes. Income and sales taxes make up the majority of combined state tax revenue, while property taxes are the largest source of tax revenue for local governments, including school districts.
Why Do We Pay Taxes? Taxes are the primary source of revenue for most governments. Among other things, this money is spent to improve and maintain public infrastructure, including the roads we travel on, and fund public services, such as schools, emergency services, and welfare programs.
Expenditures generally include spending on government salaries, infrastructure, education, public pensions, public assistance, corrections, Medicaid, and transportation.
What do state and local governments spend money on? State and local governments spend most of their resources on education, health, and social service programs. In 2019, about one-third of state and local spending went toward combined elementary and secondary education (22 percent) and higher education (9 percent).
Montana's economy is dominated by the primary sectoragriculture, forestry, mining, and energy productionand by services. About one-third of the state's workforce is employed in the service sector. The outdoor recreation industry has become important, and some high-technology industries have come to the state.
Taxes on Goods and Services. The sales tax is most often used as a method for states and local governments to raise revenue. Purchases made at the retail level are assessed a percentage of the sales price of a particular item. Rates vary widely between jurisdictions with 45 state collecting sales tax.
