Government income & Expenditure

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6 Terms

1
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What are the government’s main sources of revenue?

  • Income tax

  • National Insurance

  • VAT

2
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What are the main areas of UK spending?

social protection (welfare benefits).

health (NHS)

education

defence

3
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What is direct taxation?

Taxes levied directly on income, wealth, or profits.

4
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What is indirect taxation?

A tax levied on a good or service that is being sold, rather than being levied directly on income or wealth.

5
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What is progressive taxation?

As a person’s income increases, the percentage of their income they pay in taxes also increases.

6
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What is regressive taxation?

The percentage of income paid in tax is greater for lower-income learners compared to higher income earners.