fiscal policy
government expenditure
government spending
key words
budgetary process
book of estimates-planned expenditue for year&future
presented to dail
government department estimates year expenditure-discused&reveiwed at cabnet
voted on
goventment revenue
capital
current
non taxation revenue
taxation revenue
customs
vat
national lottery surplus
central bank surplus income
loans and grands from the EU
selling of state owned land
bond market
loans from county counsels and semi states
capital
current
voted and non voted
items used up day to day during the year
social welfare payments
nuses salaries
voted
non voted(ce ntral fund)
social welfare payments
civil servent salaries
national debt
judge salaries
eu budget contributions
not used up during the year but increase countrys productive capacity(self liquidation)
schools
roads
how does the government balance current and capital revenue
surplus/deficuit on current account
exchequer balance
current budget deficit
balanced current budget
current budget surplus
governments current budget
inflamitory budget
deflamitory budget
neutral budge
stimulationg the economy
inflation
revenue bouyency
fiscal drag
schools,univerictys&educational centres
roads,railways,airportsand ports
social welfare
ecorage and nurture entreprenurship
government measures to reduce budget deficuit
revenue
expenditure
increase direct taxes
increse indirect taxes
better funding of public services
rise in tax evasion
increaes inflation
fall in aggregate demand
rise in tax evasion
better funding public services
fall in aggregate demadn
industrial disputes-wage demands
fall in employment
stabalise or reduce public sector wages
scale back on state services
reduce numbers of employemnt in public sector
redundancy payment cost shock
fall in aggregate demand
long term unemployment
deteriation of public services
industrial desputes
job moves&emigration
fall in aggregate demand
fall in efficiency
fall in standerd of living
industrial disputes and public protests
costs increased in long run to reintroduce services
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government meausre to increase curreny budget surplus
expenditure
revenue
decrease direct taxes
decrease taxes
less tax evasion
reduced inflation
inresed spending in capital projects
aggregate demand
business oportaions in rural ireland
incresed construction employment
foreign direct investment
increase amount of public sector employees
increase current or new state services
decrease national debt
offers more services
better quality of life
more aggregate demand
lower servicing cost
bigger capacity to borrow in future to fund capital projects
lower cost of borrowing
cost decreased in long run as essential sevice
less protests/industial disputes
better quality of life
political difficultybin future if need to be revoked as economic turn
icreased public servise wage bill
long term employment
fiscal policy
purpose of fiscal policy
stabalise theeconomy-boom and bust
keppt in flation at or under targeted level
stimulate the economy-resession
types of fiscal policy
neutral
contractionary-boom
expansionary-resession
woren government budget deficuit
employment increased
increase consumer spending
helpt gov budget deficuit
reduce household discretionary income
limitations of fiscal policy in stabilising business cycles
higher borrwoing costs
eu monetary policy
time barriers
crowding out
appropreation act
financial act
principals of a fair tax system
taxes should be
economical
should not be perceived or be a disincentive
certain
assist the distribution of wealth
convinient
evasion shouldnt be possible
equitable
functions of taxation
to act as a automatic stabiliser
to acheive social objections
ro destribute national wealth
to promote enterprise
to finance government activities
types of tax
regressive
direct
progressive
indirect
usc
income tax
income tax
a flat euro amount levy
vat
subsets of tax
stealth tax
specific
car tax
largely unnoticed or unregognisable as a tax
how can tax help the government acheive economic and social aims
fines for anti social behavior
tax breaks to encourage activity
levy to discourage waste
financial aid to boost entreprise
increase taxes to decreasec consumption
smoking
plastic bags
littering
research and development tax credit
local entreprise office
what does the givernment do
ressesion
boom
uses state funds for capital projects
attractive taxation
lower tax rates
tax breaks and grants to encorage entrepreise
reduce or pay off national debt
stricter on banking sector
increase tax on consumtion
increase cash balance of natioanl tresauray managment agency