Stacie Smith Web Assignment 3 - Stacie Smith Vanessa Forselius Macroeconomics Smith 1 Government Spending The main sources of revenue for the federal

Stacie Smith Web Assignment 3 - Stacie Smith Vanessa...

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Stacie Smith Vanessa Forselius Macroeconomics October 12, 2016 Smith 1 Government Spending The main sources of revenue for the federal government are individual income taxes, corporation income taxes, and excise taxes. Before World War II, the key source of revenues of the federal government was excise taxes, or taxes on consumer goods. The key revenue sources since World War II include individual income taxes and corporation income taxes, with individual taxes being the key source since the 1940's. (Office of Management and Budget, 2016) Government spending for National Defense, Health, Income Security and Social Security have been increasing every year. In 1940 approximately one million was spent on National Defense, and it's estimated that around six-hundred million will be spent in coming years. (Office of Management and Budget, 2016) The same trends can be seen for Health, Income Security and Social Security. I believe the spending in these areas have been steadily increasing for a few reasons. Health, Social Security, and

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