CG2d Describe ho state government is funded and how spending decisions are made.

Georgia tax revenues

-Individual income tax -Corporate income tax -Insurance premium tax -General sales tax -Property tax -Excise tax -Estate (Inheritance) tax

Georgia non-tax revenues

-fees -Georgia state lottery -Settlement programs

Settlement programs

-to offset state costs from cigarette smoking health issues; tobacco settlement fund program -indigent care trust fund; helps pay hospitals for the poor

General sales tax

A tax imposed on most of the items we buy, like clothing, cars, and most household products. GA state sales tax is 4% plus local county sales tax brings GA sales tax to 7% or 8%

Estate (Inheritance) tax

A tax on the estate, or total value of the money and property, of a person who has died

Excise tax

Consumer tax on a specific kind of merchandise, such as tobacco, gasoline, alcoholic beverages

Corporate Income tax

The tax a corporation pays on its profits

Property tax

a major source of revenue for local governments based on the value of land and buildings.

Non-tax revenues

generated from fees, and ways other than taxes

Tax revenues

money generated for the state through taxes

Taxes

money paid by citizens to support the function of local, state, and/or the federal government.

Fees

revenue generated from entrance fees into state parks, fees for occupational and recreational licenses

Individual Income tax

tax on a person's income minus exemptions and deductions

Insurance premium tax

tax placed on companies that sell insurance in Georgia

GA state lottery

third largest revenue for state, helps to pay for HOPE scholarships and education