Essay: Major source of budget revenue

Taxes and borrowing contribute the major source of budget revenue. Besides borrowing, 90 percent of revenues come from various taxes. Personal income tax involves cash levied on individual income such as salary and dividends.

Incorporated bodies contribute to the revenue portfolio via a tax known as corporate income tax, which is a form of duty levied on the company’s profits. Social insurance payroll tax  is levied on social security, health insurance such as Medicare, unemployment insurance, and federal employee retirement payments. Other form of revenue comes inform of excise duty imposed on sale and consumption of locally produced goods and services such as drugs and substances, fuels, and telephone services inter alia. Excise duty too includes ad valorem tax on company’s returns, as well as fixed charges on professionals such as doctors and engineers, and licence fees.

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