identify and describe the 2 main sources of revenue and 2 main expenses for the federal government

Question

Exclude intergovernmental revenue and expenses

Answer 1

Major sources of revenue:

1. Taxes on individuals
2. Taxes on businesses

Major expenses:

1. Defense
2. Infrastructure
3. Law Enforcement
4. Social Programs
5. Foreign Aid

Answer 2

The two main sources of revenue are personal income taxes and social security taxes. The two main expenditures are Social Security payments, including Medicare and Medicaid, and interest payments on the national debt.