Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
TERMS DEFINTION *Continuing Resolution a joint resolution, passed by Congress and signed by the president, that allows the government to operate at current funding levels for a fixed period; required when Congress and the president cannot reach agreement on a new budget *Corporate Income Tax a tax paid by businesses on their profits each year Earmarks specific spending proposals that members of Congress attach to legislation, usually to benefit their home districts or states *Entitlements benefits that must be provided to all eligible people who seek them; examples include Social Security and Medicare Federal Deficit the amount by which the national government’s annual expenditures exceed its revenues TERMS DEFINITION *Fiscal Year the 12-month accounting period an organization uses for budgeting, record keeping, and financial reporting Impoundment the refusal by a chief executive to spend funds that have been appropriated by the legislature *Mandatory Spending *National Debt government expenditures required by law to be allocated in specified ways Tax Freedom Day the date, calculated each year, when the country has earned enough income to pay its annual tax burden; rising budgets have pushed this date back over time the amount of money a country owes to lenders QUESTIONS ANSWERS 1. What is the BALANCED= difference between REVENUES=EXPENDITURES having a “BALANCED SURPLUS= BUDGET” and a REVENUES >EXPENDITURES “BUDGET SURPLUS?” 2. When is the only time that the US experienced a federal deficit? NIXON= 3. Which president He refused to spend used the power of billions of appropriated “IMPOUNDMENT” dollars on federal programs and why? that he did not approve of WAR! PHASES DESCRIPTION 1. Executive Branch Prepares Budget Proposal 2. Congress Drafts a Budget Resolution 3. Congress Enacts Appropriations Reflects the vision of the President and their administration and the needs of the country 4. New Fiscal Year Begins… OR DOES IT??? House and Senate Budget committees edit it prioritizing spending or cuts Congress works on the 13 appropriation categories of the budget and awaits presidential approval President+Congress Agree= Budget If they do not agree= Continuing Resolution Budget Crisis TAX WHO/WHAT? WHY? % OF REVENUE INDIVIDUAL INCOME (PROGRESSIVE) a tax levied on the annual income of an individual or a married couple Individual citizens need to provide support to public goods and services 39% SOCIAL INSURANCE (REGRESSIVE) a tax used to fund government assistance to the elderly and to unemployed or disabled workers They need support and cannot provide for themselves 32% CORPORATE INCOME (PROGRESSIVE) a tax paid by businesses on their profits each year Profits gained by businesses are thanks in part to the US 13% EXCISE (REGRESSIVE) a tax levied on the sale of certain goods and services “Sin” taxes on alcohol, tobacco, firearms, etc. 3% PROGRESSIVE any tax in which the burden falls more heavily on the rich than the poor Wealthier individuals can take on a greater tax burden NA REGRESSIVE any tax in which the burden falls more heavily on the poor than Proportional tax rates that taxes everyone equal NA CATEGORY DESCRIPTION •Spending that the government HAS to spend MANDATORY SPENDING •52% of Mandatory Spending is on entitlements (Social Security, Medicare, etc.) •About 65% of tax revenue is spent mandatorily DISCRETIONARY SPENDING •Spending that can be DETERMINED •52% of Discretionary Spending is on Defense TAX WHAT IS IT? PROS CONS SALES Sale on general goods Easy to collect Regressive Hard to hide PROPERTY Homes, property, land, etc.=primary source of income for local gov. Tax may not reflect owner’s ability to pay INDIVIDUAL INCOME State residents (43 states) Progressive Tax (1% on lower incomes to 10% on higher incomes) People may move to states that do not have it EXCISE “Sin” tax Easy for politicians to justify May encourage illegal trafficking LOTTERY Legal gambling Provides money for public services Regressive and geared towards low income BONDS Debts issued by gov. for specific cause Helps fund large projects with citizen support Debt can be a heavy burden on future taxpayers INHERITANCE AND ESTATE Those who inherit estates Progressive May discourage savings USER FEES Use of public goods, services, or facilities Those who want public services support them through paying Low income may not be able to afford services