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Federal Budget 101The federal government raise trillions of dollars in tax revenue each year, though thereare many different kinds of taxes. Some taxes fund specific government programs,while other taxes fund the government in general. When all taxes for a given year areinsufficient to cover all of the government’s expenses which is often the case – theU.S Treasury borrows money to make up the difference.Total federal tax revenues in fiscal year 2014 are projected to be 3 trillion. Theserevenues come from three major sources: income taxes paid by individuals, accountingfor 46 percent of all tax revenues; payroll taxes paid jointly by workers and employers,accounting for 34 percent; and corporate income taxes paid by businesses, making up11 percent. There are also a handful of other types of taxes like customs duties and excise taxes that make up much smaller portions of federal revenue. Customs duties are taxes on import , paid by the importer, while excise taxes are taxes levied on specific goods, like gasoline. This pie chart below shows how much each of these revenue sources are expected to bring in during fiscal year 2014.Once they are paid into the Treasury, income taxes and corporate taxes are designatedas federal funds, while payroll taxes become trust funds. Federal funds are general revenues, meaning Congress and the President can decide to spend them on just aboutanything when they conduct the annual appropriations process. But trust funds can beused only to pay for very specific programs. The vast majority of trust fund revenuespay for Social Security and Medicare.
UNIT 6: PUBLIC FINANCE • GROUP Nguyễn Thùy Dương Bùi Thị Ánh Nguyệt Nông Thị Mai Chi Bùi Thị Thu Hà Hà Thị Vân Anh Public Finance /ˈpʌblɪk/ The study of how the government (or public) Public finance adapts and applies the (n) /ˈfaɪnæns/ sector pays for (or finances) expenditures through fundamental microeconomic theory of markets taxes and borrowing to the public sector and government activity Connected with national government rather than New federal regulations have been introduced Federal (adj) /ˈfedərəl/ the local government of an individual state budget /ˈbʌdʒɪt/ an official statement by the government of a There is more money in the Budget for the country’s income from taxes, etc and how it will Ministry of Education than there is for schools be spent tax /tæks/ A compulsory contribution to state revenue, levied A carbon tax is a tax on the use of energy by the government on workers' income and business profits Insufficient (adj) /ˌɪnsəˈfɪʃnt/ of a quantity not able to fulfill a need or requirement His salary is insufficient to meet his needs Customs duties (n) /ˈkʌstəmz/ A government tax on imports or exports /ˈdjuːtis/ Excise taxes (n) They sign a treaty to lower custom duties on trade between their countries /ˈeksaɪz/ Tax placed on the sale or manufacture of a Governments impose excise taxes on inelastic /tæksis/ commodity,typically a luxury item goods such as cigarettes,gasoline,alcohol (alcohol ) Mature (v),(adj) /məˈtʃʊə(r)/ (v)To become due for payment or My insurance policy matures when i reach 65 repayment (adj)Due or payable Face value (n) Surplus (n),(adj) /feɪs/ The value printed or written on the face, The face value of their stock was $1000,although /ˈvæljuː/ as of a bill or bond few of them ever sent a message /ˈsɜːpləs/ An amount or a quantity in excess of what Canada produces a surplus of raw materials is needed Creditor (n) /ˈkredɪtə(r)/ A person or commercial enterprise to whom money is owed The property will be sold to pay off their creditors Deficit (n) Debt (n) /ˈdefɪsɪt/ /det/ The amount by which an actual sum is lower than They are ready to cut the budget deficit for the that expected or required next fiscal year A sum of money that somebody owes He had run up credit card debts of thousands of dollars Bond (n) /bɒnd/ A certificate issued by a government or a public In the second case bond prices are low and falling company promising to repay borrowed money at a as they would be in inflation fixed rate of interest at a specified time Treasury /ˈtreʒəri/ (n) Fund (n) /fʌnd/ The government department that controls public President Bill Clinton appointed Bentsen as money Secretary of the Treasury in 1992 A sum of money saved or made available for a However, owing to financial crunch, funds would particular purpose be raised with private partnership Where does the money come from? Federal Budget 101 The federal government raise trillions of dollars in tax revenue each year, though there are many different kinds of taxes Some taxes fund specific government programs, while other taxes fund the government in general When all taxes for a given year are insufficient to cover all of the government’s expenses - which is often the case – the U.S Treasury borrows money to make up the difference Total federal tax revenues in fiscal year 2014 are projected to be $3 trillion These revenues come from three major sources: income taxes paid by individuals, accounting for 46 percent of all tax revenues; payroll taxes paid jointly by workers and employers, accounting for 34 percent; and corporate income taxes paid by businesses, making up 11 percent There are also a handful of other types of taxes like customs duties and excise taxes that make up much smaller portions of federal revenue Customs duties are taxes on import , paid by the importer, while excise taxes are taxes levied on specific goods, like gasoline This pie chart below shows how much each of these revenue sources are expected to bring in during fiscal year 2014 Once they are paid into the Treasury, income taxes and corporate taxes are designated as federal funds, while payroll taxes become trust funds Federal funds are general revenues, meaning Congress and the President can decide to spend them on just about anything when they conduct the annual appropriations process But trust funds can be used only to pay for very specific programs The vast majority of trust fund revenues pay for Social Security and Medicare Total federal tax revenues in fiscal year 2014 are projected to be $3 How much is the Federal government trillion These revenues come from three major sources: income taxes going to collect in tax revenues in fiscal year paid by individuals, accounting for 46 percent of all tax revenues; payroll 2014? taxes paid jointly by workers and employers, accounting for 34 percent; ➢ The Federal government is going to collect and corporate income taxes paid by businesses, making up 11 percent $3 trillion in tax revenues in fiscal year 2014 There are also a handful of other types of taxes like customs duties and What type of taxes contributes the largest excise taxes that make up much smaller portions of federal revenue proportion of tax revenues? Customs duties are taxes on import , paid by the importer, white excise ➢ Individual income taxes contributes the taxes are taxes levied on specific goods, like gasoline This pie chart largest proportion,accounting for 46% of all below shows how much each of these revenue sources are expected to tax revenues bring in during fiscal year 2014 Once they are paid into the Treasury, income taxes What are federal funds? For what purpose are these and corporate taxes are designated as federal funds, funds used? while payroll taxes become trust funds Federal ➢ Federal funds are general revenues coming from income funds are general revenues, meaning Congress and taxes and corporate taxes,which are used to spend on the the President can decide to spend them on just about annual appropriations process anything when they conduct the annual appropriations process But trust funds can be used only to pay for very specific programs The vast What are trust funds?For what purpose are trust funds majority of trust fund revenues pay for Social used? Security and Medicare ➢Trust funds are revenues coming from payroll taxes, which can be used to pay for very specific government programs such as Social Security and Medicare Federal Budget 101 Ngân sách Liên bang 101 The federal government raise trillions of dollars in tax revenue each Chính phủ Liên bang thu hàng nghìn tỷ la thuế năm year, though there are many different kinds of taxes Some taxes fund thông qua nhiều loại thuế khác Một số thuế gây quỹ cho specific government programs, while other taxes fund the chương trình trọng điểm phủ, số government in general When all taxes for a given year are khác phục vụ cho phủ nói chung Khi tồn thuế thu insufficient to cover all of the government’s expenses which is often năm định không đủ để bù đắp cho tất chi tiêu the case – the U.S Treasury borrows money to make up the phủ- vốn điều xảy thường xuyên- kho bạc Mỹ để cải thiện difference tình hình cách vay tiền Total federal tax revenues in fiscal year 2014 are projected to be $3 Tổng thuế liên bang thu năm tài khóa 2014 dự tính trillion These revenues come from three major sources: income taxes nghìn tỷ đơla Nguồn thu đến từ nguồn chủ yếu là: Thuế paid by individuals, accounting for 46 percent of all tax revenues; thu nhập cá nhân,chiếm 46% tổng số thuế thu được; thuế lương payroll taxes paid jointly by workers and employers, accounting for bổng đóng góp người lao động chủ doanh nghiệp, 34 percent; and corporate income taxes paid by businesses, making chiếm 34%; thuế TNDN DN đóng,chiếm 11% up 11 percent There are also a handful of other types of taxes like customs duties and excise taxes that make up much smaller portions of federal revenue Customs duties are taxes on import , paid by the importer, white excise taxes are taxes levied on specific goods, like gasoline This pie chart below shows how much each of these revenue sources are expected to bring in during fiscal year 2014 Once they are paid into the Treasury, income taxes and corporate taxes are designated as federal funds, while payroll taxes become trust funds Federal funds are general revenues, meaning Congress and the president can decide to spend them on just about anything when they conduct the annual appropriations process But trust funds can be used only to pay for very specific program. The vast majority of trust fund revenues pay for Social Security and Medicare Cũng có số loại thuế khác thuế quan thuế tiêu thụ đặc biệt đóng góp phần nhỏ vào nguồn thu ngân sách liên bang.Thuế quan thuế đánh vào hàng hóa nhập hãng nhập đóng thuế tiêu thụ đặc biệt lại đánh vào hàng hóa đặc biệt định xăng dầu Biểu đồ tròn biểu diễn kì vọng tổng nguồn thu năm tài khóa 2014 Khi Kho bạc hồn thành nghĩa vụ thu thuế, thuế thu nhập cá nhân thuế thu nhập doanh nghiệp coi quỹ tiền tệ liên bang thuế lương trở thành quỹ ủy thác tài sản Quỹ Liên bang nguồn thu tổng hợp, nghĩa Quốc hội Tổng thống định việc chi tiêu chúng vào mục thực trình phân bổ hàng năm Nhưng quỹ ủy thác dùng cho chương trình đặc biệt Phần lớn nguồn thu quỹ ủy thác dùng cho chương trình trật tự an toàn xã hội bảo hiểm sức khỏe cho người già 65 tuổi Borrowing In most year, the federal government spends more money than it takes in from tax revenues To make up the difference, the Treasury borrows money by issuing bonds Anyone can buy Treasury bonds, and, in effect, lend money to the Treasury by doing so According to the Congressional Budget office, the federal government is expected to brrow $616 billion in fiscal 2014 Borrwing constitutes a major source of revenue for the federal government Down the road, however, the treasury must pay back the money it has borrowed, and pay interest as well 1.What does the U.S.Treasury when revenue from taxes is not enough to cover all of the government’s expenditures? ➢When revenue from taxes is not enough to cover all of the government’s expenditures, U.S Treasury borrows money by issuing bonds Vay mượn Hầu hết năm, phủ Liên bang chi nhiều tiền Borrowing tiền thu từ nguồn thuế Để bù đắp phần In most year, the federal government spends more money than it takes lại, kho bạc mượn tiền cách phát hành phiếu Bất in from tax revenues To make up the difference, the Treasury borrows kỳ mua trái phiếu kho bạc tiền thực money by issuing bonds Anyone can buy Treasury bonds, and, in tế, kho bạc vay làm Theo văn phòng ngân effect, lend money to the Treasury by doing so According to the sách Quốc hội ; phủ Liên bang kỳ vọng Congressional Budget office, the federal government is expected to vay 616 tỷ la năm tài khóa 2014 Khoản brrow $616 billion in fiscal 2014 Borrowing constitutes a major vay tạo nguồn thu chủ yếu cho phủ liên source of revenue for the federal government Down the road, bang Tuy nhiên tương lai, kho bạc phải trả lại số however, the treasury must pay back the money it has borrowed, and tiền vay này, trả lãi suất pay interest as well How Does the Ferderal Government Borrow? To finance the debt, the U.S Treasury sells bonds and other types of securities.(Securities is a term for a variety of financial assets) Anyone can buy a bond or other Treasury security directly from the Treasury through its website, treasurydirect fov, or from banks or brokers When a person buys a Treasury bond, she effectively loans money to the federal government in exchange for repayment with interest at a later date Most Treasury bonds give the investor-the person who buys the bond-a pre-detemined fixed interest rate Genetally, if you buy a bond, the price you pay is less than what the bond is worth That means you hold onto the bond until it mature; a bond is mature on the date at which it is worth its face value For example, you may buy a $100bond today and pay ony $90 Then you hold it for five year, at which time it is worth $100 You also can sell the bond before it matures By what way does the Treasury borrow money? ➢The Treasury borrows money by selling bonds and other types of securities How Does the Ferderal Government Borrow? To finance the debt, the U.S Treasury sells bonds and other types of securities (Securities is a term for a variety of financial assets) Anyone can buy a bond or other Treasury security directly from the Treasury through its website, treasurydirect fov, or from banks or brokers When a person buys a Treasury bond, she effectively loans money to the federal government in exchange for repayment with interest at a later date Most Treasury bonds give the investor-the person who buys the bond-a predetemined fixed interest rate Genetally, if you buy a bond, the price you pay is less than what the bond is worth That means you hold onto the bond until it mature; a bond is mature on the date at which it is worth its face value For example, you may buy a $100bond today and pay ony $90 Then you hold it for five year, at which time it is worth $100 You also can sell the bond before it matures Làm phủ liên bang vay ? Để huy động vốn vay , kho bạc Mỹ bán trái phiếu loại chứng khoán nợ khác (chứng khoán nợ loạt tài sản tài chính) Ai mua trực tiếp trái phiếu loại chứng khoán nợ khác từ kho bạc website: treasurydirect.gov, từ phía ngân hàng, nhà môi giới Khi người mua trái phiếu kho bạc, người cho phủ liên bang vay khoản tiền với điều kiện phủ thực nghĩa vụ trả gốc lẫn lãi sau Nếu hết trái phiếu kho bạc cho nhà đầu tư – đối tượng mua trái phiếu – biết trước lãi suất cố định Nói chung là, bạn mua trái phiếu, số tiền bỏ giá trị thật trái phiếu Điều có nghĩa giữ trái phiếu đến kì hạn toán, mà trái phiếu đạt đến giá trị thật Ví dụ, bạn bỏ $90 để mua trái phiếu giá $100 Và sau bạn giữ trong năm, giá trái phiếu $100 Bạn thực giao dịch trái phiếu bên ngồi trước kì hạn If the Federal Government Has Lots of Debt, Who Does It Owe Money To? The federal debt is the sum of the debt held the public- that’s the money borrowed from regular people like you and from foreign countries-plus the debt held by fedral accounts Debt held by federal accounts is the amount of money that the Treasury has borrowed from itself That may sound funny, but recall from above that trust funds are federal tax revenues that can only be used for cerain programs When trust fund accounts run a surplus, the Treasury takes the surplus and uses it to pay for other kinds of federal spending But that means the Treasury must pay that borrowed money black to the trust fund at a later date That borrowed money is called “debt held by fendral accounts;” that’s the money the Treasury effectively lends to itself One-third of the federal debt is dedt held by federal accounts, while two-thirds of the federal debt is held by the public Who does the Federal Government owe money to? ➢ Federal Government owes money to all of its creditors in general public, which includes American as well as foreign individuals, the government of foreign countries And federal government borrows money from itself If the Federal Government Has Lots of Debt, Who Does It Owe Money To? Nếu Chính phủ liên Bang phải gồng gánh nhiều khoản The federal debt is the sum of the debt held the public- that’s the money nợ, chủ nợ đối tượng nào? borrowed from regular people like you and from foreign countries-plus the debt Nợ củ liên bang tổng khoản nợ bên ( Chính Phủ) – Là held by fedral accounts Debt held by federal accounts is the amount of money khoản vạy từ người dân nợ nước ngoài- cộng với khoản nợ tài that the Treasury has borrowed from itself That may sound funny, but recall from above that trust funds are federal tax revenues that can only be used for cerain programs When trust fund accounts run a surplus, the Treasury takes the surplus and uses it to pay for other kinds of federal spending But that means the Treasury must pay that borrowed money black to the trust fund at a later date That borrowed money is called “ debt held by fendral accounts;” that’s the money the Treasury effectively lends to itself One-third of the federal debt is dedt held by federal accounts, while two-thirds of the federal debt is held by the public khoản củ Liên Bang Các khaonr nợ tiền mà kho bạc tự ứng dạng khoản vay Nghe kỳ lạ, nhắc lại quỹ ủy thác khoản thu thuế Liên Bang sử dụng số chương trình định Khi quỹ ủy thác dư phần, Kho bạc sử dụng khoản dư để trang trải khoản chi khác Nhưng điều đồng nghĩ với nghĩ vụ hoàn trả sau kho bạc Khoản vay gọi “nợ tài khoản Liên Bang” khoản mà tự kho bạc ứng dạng vay Khoản chiếm 1/3 nợ liên bang số lại thuộc nợ bên ngồi Debt Held by the Public Debt held by the public is the total amount the goverment owes to all of its creditors in general public That includes Americans as well as foreign individuals and the government of foreign countries Approximately half – the largest portion – of debt held by the public is held internationally by foreign investors and central banks of other countries who buy our Treasury bonds as investments In 2010, these countries included China, which held the most ($1.1 trillion), followed by Japan ($800 billion), Middle Eastern countries ($173 billion), Russia ($168 billion), Brazil ($164 billion) and Taiwan ($152 billion) The next largest portion is held by domestic investors, which includes regular Americans as well as institutions like private banks ( A bank may invest some of its own assets in Treasury bonds.) This portion constitutes over a third of the federal debt The U.S Federal Reserve Bank and state and local government hold the remainder of federal debt ( The Federal Reserve’s share of the federal debt is not counted as debt held by federal accounts, because the Federal Reserve is considered independent of the federal government The Federal Reserve buys and sells Treasury bonds as part of its work control the money supply and set interest rates in U.S economy.) Debt Held by the Public Debt held by the public is the total amount the goverment owes to all of its creditors in general public That includes Americans as well as foreign Approximately half – the largest portion – of debt held by the public is held internationally by foreign investors and central banks of other countries who buy our Treasury bonds as investments In 2010, these countries included China, which held the most ($1.1 trillion), followed by Japan ($800 billion), Middle Eastern countries ($173 billion), Russia The next largest portion is held by domestic investors, which includes regular Americans as well as institutions like private banks ( A bank may invest some of its own assets in Treasury bonds.) This portion constitutes third of the federal phủ nuớc khác Xấp xỉ nửa khoản nợ tạo chủ đầu tư nước ngân hàng trung ương nuớc thông qua việc đầu tư mua trái phiếu kho bạc nước ta Năm 2010, nuớc chủ nợ bao gồm Trung Quốc, chiếm tỉ lệ cao (1.1 nghìn tỉ $), theo sau Nhật Bản (800 tỷ $), nuớc Trung Đông (173 tỷ $), Nga (168 tỷ $), Brazil (164 tỷ $) Đài Loan (152 tỷ $) ($168 billion), Brazil ($164 billion) and Taiwan ($152 billion) a Nợ bên tổng số nợ mà phủ có nghĩa vụ hòan trả chủ nợ xã hội Bao gồm công dân Mỹ chủ thể cá nhân nuớc individuals and the government of foreign countries over NỢ BÊN NGOÀI debt Nhân tố chiếm tỉ lệ lớn thứ hai xếp sau chủ nợ nuớc ngồi nhà đầu tư nứớc bao gồm công dân Mỹ ,các quan mà ngân hàng thương mại ví dụ ( Một ngân hàng đầu tư phần tài sản vào mua trái phiếu kho bạc Nhóm chiếm 1/3 tổng số nợ liên bang The U.S Federal Reserve Bank and state and local Ngân hàng dự trữ liên bang , phủ government hold the remainder of federal debt quyền địa phương nắm giữ phần nợ lại nợ ( The Federal Reserve’s share of the federal debt is liên bang.( Phần nợ ngân hàng dự trữ liên bang not counted as debt held by federal accounts, khơng đuợc tính vào phần nợ liên bang because considered hòan tòan độc lập với quyền liên bang Ngân independent of the federal government The Federal hnàg thực giao dịch trái phiếu kho bạc Reserve buys and sells Treasury bonds as part of its cách để điều tiết cung tiền tỷ lệ lãi work control the money supply and set interest suất kinh tế Mỹ the Federal rates in U.S economy.) Reserve is SUMMARY _Total federal tax revenues of the U.S are projected up to $3 trillion which come from main sources : + Income taxes from individuals +Corporate income taxes from businesses become federal funds +Payroll taxes from workers and employers becomes trust funds +other (customs duties, excise taxes, ) _To deal with the problem of overspending , the federal government borrow money by issuing bonds or other types of securities with the obligation to pay back at later date (including interest) _There are debt held by public and debt held by federal account THANK YOU FOR PAYING ATTENTON