ALL QUESTIONS GO WITH BOTH CHARTS6. Focusing on the tax cut of 1964, the personal current tax receipts for 1968, four years after the tax cut is $ _______ billion.7. Focusing on the tax cut of 1964, the personal current tax receipts for 1969, five years after the tax cut is $ _______ billion.9. Focusing on the tax cut of 1982, the personal current tax receipts for 1981, the year before the tax cut is $ _______ billion.10. Focusing on the tax cut of 1982, the personal current tax receipts for 1982, the year of the tax cut is $ _______ billion. **Economic Overview: Summary of Government Receipts and Expenditures from 1976 to 1982**The table provides a detailed breakdown of the U.S. government's financial activities between 1976 and 1982. The data is categorized into receipts, expenditures, savings, and borrowings.### Current Receipts:1. **Total Current Receipts (Line 1):** Grew from 322.6 in 1976 to 618.7 in 1982.2. **Major Components:** - **Current Tax Receipts (Line 2):** Increased steadily over the years. - **Personal Current Taxes (Line 3):** Showed a consistent upward trend. - **Taxes on Production and Imports (Line 4) & Excise Taxes (Line 5):** Show changes over the years.### Contributions to Government Social Insurance:- **Significant increase** seen from 99.8 in 1976 to 206.0 in 1982.### Current Surplus of Government Enterprises:- Generally low values indicating limited surplus from government enterprises.### Current Expenditures:1. **Total Current Expenditures (Line 24):** Rose from 403.5 in 1976 to 786.0 in 1982.2. **Key Segments:** - **Consumption Expenditures (Line 25):** Moderate increase. - **Government Social Benefits (Lines 27-29):** Substantial rise, particularly to persons. - **Interest Payments & Subsidies (Lines 33-36):** Notable growth, reflecting increasing financial commitments.### Savings and Borrowings:1. **Net Federal Government Saving (Line 37):** Indicates negative values, revealing a deficit trend over the years.2. **Net Lending or Net Borrowing (Line 49):** Persistent negative figures underscore ongoing borrowing needs.### Addenda:- **Total Receipts (Line 40):** Inflation in overall revenue, consistent with the increase in current receipts and capital transfer receipts.- **Total Expenditures (Line 43):** Reflects comprehensive expenditure patterns, inclusive of government investments and other financial commitments.### Graph or Diagram Explanation:The table itself delivers a comprehensive numerical format and doesn't include visual graphs or diagrams. Any visualization based on this data would likely plot the changes in key metrics such as total receipts and expenditures over the reviewed years to highlight fiscal trends. **Data Summary on Government Receipts and Expenditures (1964-1975)****Table Overview:**The table provides a comprehensive overview of government financial statistics from 1964 to 1975. It includes data on current receipts, expenditures, and other economic activities impacting net federal government saving.**Key Sections:**1. **Current Receipts (Lines 1-23):** - **Line 1-8:** Tax Receipts, including personal current taxes, taxes on corporate income, and excise taxes. - **Line 9:** Taxes from the rest of the world. - **Line 10-13:** Contributions for government social insurance from persons and the rest of the world. - **Line 14-17:** Income receipts such as interest and dividends, with detailed federal reserve bank interest. - **Line 18-23:** Transfer Receipts and current surpluses from government enterprises.2. **Current Expenditures (Lines 24-33):** - **Line 24-27:** Consumption expenditures and transfer payments, focusing on government social benefits to persons and to the rest of the world. - **Line 30-32:** Other current transfer payments and grants to local governments.3. **Net Federal Government Saving (Lines 34-39):** - **Line 36-39:** Calculations resulting in net saving/borrowing, social insurance funds, and other categories affecting savings.4. **Addenda (Lines 40-49):** - **Line 45-49:** Breakdown of gross government investment, capital transfers, and net lending or borrowing.**Trends & Analysis:**- The document shows a general increase in both receipts and expenditures over the years.- Net lending/borrowing (negative indicates borrowing) shows a significant fluctuation, with a noticeable downward trend moving towards higher borrowing, especially from 1971 onwards.- Gross government investment and other addenda reveal important insights about economic priorities and investments.**Graphs/Diagrams:**- There are no graphs or diagrams included in this dataset for illustrative purposes.This data set is critical for analyzing historical government economic policies and their impact on the financial health of the nation over time. It highlights how economic strategies evolved in response to different economic conditions from the mid-1960s to the mid-1970s.

The current tax receipts:The current tax receipts refer to the revenue of the government in the form…

Answered: ALL QUESTIONS GO WITH BOTH CHARTS 6.…

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC