Government has the power to tax, which gives it greater control over its revenue. Federal, state, and local governments can mandate higher taxes and increase their revenues. Households and businesses have the more difficult task of selling their labor, goods, and services in order to raise revenue.
The agency issues an Invitation for Bid (IFB), describing the product or service needed to potential vendors; instructions for responding; conditions for the purchase, delivery, and payment; and a submission deadline. On a predetermined date, each sealed bid is opened in a public setting by a government contracting officer.
To meet their expenses, the government needs income, called "revenue," which it raises through taxes. In our country, governments levy several different types of taxes on individuals and businesses. The Federal Government relies mainly on income taxes for its revenue. State governments depend on both income and sales taxes. Most county and city governments use property taxes to raise their revenue.
