00:01
All right, so in question 14, we're going to be talking about the largest sources of revenue and the greatest expenditures at the federal state and local levels of government.
00:12
So to start out at the federal level, the largest source of revenue is through personal income tax.
00:26
And so for all the revenues for at the state, local, and federal levels, it's about half.
00:32
The greatest source of revenue is about half of revenue for all of them.
00:35
So at the federal level is income tax, and then the expenditures at the federal level, the greatest source of expenditures are pensions, like for government workers after they retire, and income security.
00:57
So example, something like social security, and that makes up about a third of federal government expenditures.
01:11
At the state level, the greatest source of revenue is sales.
01:17
And excise tax...