Monday, August 26, 2019

Presenting the Budget Essay Example | Topics and Well Written Essays - 1250 words

Presenting the Budget - Essay Example The payment of taxes is evident in all countries. The amount of taxes increase or decrease as the tax regimes changes over the years. The tax percentage is set by the government so as to take care of the deficit that prevails in the economy. From the Five Year Financial Plan it is observed that the taxes payment is expected to rise over the years from 2012 to 2016 (New York City, 2012). This is an implication that general property and other taxes will increase with rise in number of households in New York City. Other taxes include the taxes paid by the employees of different organizations, taxes paid by the general small stores and large business. With the increase in number of business and stores the other taxes will rise at a great extent. The sub-total taxes will thus rise automatically with the passage of time. The revenue that is collected by New York City are also predicted, however the amount is expected to decrease of the years. The reason behind this decrease can be portraye d as the fluctuating exchange rate and bank rates. The saturated disposable income of the people in New York can also be a vital reason for the decrease in miscellaneous revenue of the city. The intra-city revenue is deducted from the total miscellaneous revenue so as to highlight the decrease or increase of the available fund for the city welfare (Page, 2013). The other categorical funds and inter-fund revenues are very important, these values are mandatory for the development of the city. The Federal and state Categorical Grants are also mandatory for the city as it governs the welfare of the city. It can be predicted that the total revenue of the city will increase over the years (New York City, 2012). Expenditure is evident to take place in every household and it is expected that it will rise over the years as the needs and demand of the individuals are changing with the passage of time. The demand for new product or

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