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单词 federal fiscal system
释义 federal fiscal system

The fiscal system in a federation, with state as well as federal governments. In such a system taxes may be levied, and expenditure incurred, at both levels. It is possible for the central government to tax more than it spends, and make transfers to the states, or for the states to tax more than they spend and make contributions to central funds. In either case, in adding up the total taxes and spending of the government, transfers between the various levels should be netted out.

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更新时间:2025/1/22 15:44:58