Regulation, Fiscal Policy, and Government Taxation in the U.S. and Texas

What is the primary purpose of regulation?

To correct problems or reduce risks in modern life.

What does the Texas Railroad Commission regulate?

Originally set prices and now regulates oil wells.

What are the main focuses of social regulation?

Safety, health, and environment.

What does structural regulation deal with?

The organization of industries and markets.

What does fiscal policy refer to?

Taxation and government spending decisions.

What type of taxes does the federal government primarily rely on?

Payroll and income taxes.

What is the sales tax rate in Texas?

Can be 8.25% on purchases.

What type of taxes do local governments primarily rely on?

Property taxes.

How has federal spending on healthcare changed over time?

It has grown, while military spending has declined.