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19 Cards in this Set
- Front
- Back
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Budget |
A policy document allocating burdens(taxes) and benefits(expenditures) |
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Deficit |
An excess of federal expenditures over federal revenues |
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Expenditures |
What the govt. spends money on |
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Revenues |
Sources of money for the govt. |
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Income tax |
Shares of individual wages and corporate revenues |
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16th Amendment |
Permitted Congress to levy an income tax |
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Income tax is progressive: |
Those with more income pay higher rates of tax on their income |
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Taxes for specific funds: |
Social Security and Medicare |
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Federal Debt |
All money borrowed over the years and still outstanding |
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Tax Loopholes |
Tax breaks or benefits for a few people |
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Tax Expenditures |
Revenue losses that result from special exemptions, exclusions, or deductions on federal tax law |
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Tax Reduction |
The general call to lower taxes |
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Tax Reform |
Rewriting the taxes to change the rates and who pays them. |
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Social Security Is. . . |
The largest program |
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"Uncontrollable" Expenditures |
Spending determined by the number of recipients, not a fixed dollar figure |
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Incrementalism |
The idea that last year's budget is the best predictor of this year's budget, plus some. |
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The Congressional Budget and Impoundment Control Act of 1974 |
An act designed to reform the congressional budgetary process |
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Authorization Bill |
Establishes a discretionary govt. program; set goals and maximum expenditures. |
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Appropriations Bill |
Funds programs within limits established by authorization bills. |
