Budgeting and Government Sources Forbes. (2014, April 4). A government of growth

Question

Budgeting and Government Sources

Forbes. (2014, April 4). A government of growth: Politics and policy that foster innovation [Video file]. Retrieved from https://www.youtube.com/watch?v=0Im6gY0eviA

As state governments have struggled with economic challenges over the past few years, elected officials have had to find new ways to think about budgeting and revenue sources. View the Forbes video link above: “A Government of Growth: Politics and Policy That Foster Innovation.” Based on the discussion between the business leaders and elected officials in this video, discuss the following:

Examples of new approaches to developing sources of public revenue.

Issues and challenges in leading budget and fiscal reform in government.

The inter-relationship between state government budget issues and the national economy.

Budgeting and Government Sources

Explanation / Answer

New approaches of developing sources of public revenues:

1. Road pricing: This is the charge applied to the users of road. It increases government revenue, since the pedestrian and car users would come under different tax structure.

2. Toll tax: Important over-bridges should be allowed to car users only and for such using toll tax would be charged based on the size of the car (light, medium, or heavy). Heavy vehicles must have higher tax rate.

3. Carbon tax: Industrial emission could be controlled if there is carbon tax rate. Lowering the emission limit enables the government to cover maximum industries and to earn high.

4. Provisional sales tax: This tax could be charged on goods or services based on a border.

5. Service revenue for garbage collection from industries: This is a charge of government against such collection service.

6. Sale of water: Government provides water for human necessities. Such selling should not be free-of-cost. It should be priced better.

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