16. Financing the Government.. Taxes. Nontax Revenues and Borrowing.
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Transcript of 16. Financing the Government.. Taxes. Nontax Revenues and Borrowing.
16. Financing the Government.
Taxes.
Nontax Revenues and Borrowing.
Spending and the Budget.
progressive tax
progressive taxhigher one’s income, the higher the tax
tax return
tax returna declaration of that income and of the exemptions
and deductions he or she claims
payroll tax
payroll taxamounts owed by employees are withheld from
their paychecks
regressive tax
regressive taxtaxes levied at a flat rate, without regard to the
level of a taxpayer’s income or his or her ability to pay them
excise tax
excise taxtax laid on the manufacture, sale, or consumption
of goods and/or the performance of services
estate tax
estate taxlevy imposed on the assets of one who dies
gift tax
gift taxone imposed on the making of a gift by a living
person
customs duty
customs dutytaxes laid on goods brought into the United States
from abroad
interest
interesta charge for borrowed money, generally a
percentage of the amount borrowed
deficit
deficitthe yearly shortfall between income and outgo; and
it borrowed heavily to make up the difference
surplus
surplusmore income than outgo
public debt
public debtthe government’s total outstanding indebtedness
entitlement
entitlementbenefits that federal law says must be paid to all
those who meet the eligibility requirements
controllable spending
controllable spending
Congress and the President can decide each year just how much will be spent on many of the things
that the government does
uncontrollable spending
uncontrollable spending
nearly 80% of all federal spending(paying interest on public debt)
continuing resolution
continuing resolution
when signed by the President, this allows the affected agencies to continue to function on the
basis of the previous year’s appropriations
Financing the Government.
Interpreting Political Cartoons.
How does the Federal Government Draw Revenue?
The Federal Government’s Income (in billions of dollars)
Progressive Income Tax.
U.S. Department of the Interior.
Don’t Borrow Against the Future.
U.S. Postal Service.
Voices on Government.
Government Borrowing, 1940-2005.
Budgets in Crisis.
Food Stamp Program.
Entitlements, Interest on Public Debt, and Defense.
Federal Spending (in billions of dollars)
Federal Spending (in billions of dollars)
Interpreting Political Cartoons.
Analyzing Political Cartoons.