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26 Cards in this Set
- Front
- Back
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Appropriations bills
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Considered by Congress, bills that fund programs
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Budget
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Policy document that announces how much govt expects to collect , spend.
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Budget resolution
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Proposal submitted by House + Senate budget committies recommending a budget ceiling for the current year
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Congressional Budget Act of 1974
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established procedures to standardize budgeting process.
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Council of Economic Advisors(CEA)
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advocate of opinion of professional economists
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Deficit
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When government spends more money then it takes in during a given year
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Economic planning
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Theory that government should plan parts of economy when markets fail.
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Entitlements
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Claim for govt funds that cannot be abridged (Social security)
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Federal Reserve Board
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Regulates supply of money + price of money through interest rates.
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Gramm-Rudman Act
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First act to put a spending cap: called for automatic cuts from 1986-91 until federal deficit disappeared.
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Inflation
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rise in the general level of prices of goods and services over a period of time
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Income tax
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tax levied on the financial income of persons, corporations, or other legal entities.
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Keynesianism
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Theory that government should create right level of demand - traditional liberal view.
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Monetarism
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Advocates increasing money supply at a rate equal to economic growth, then letting free market operate.
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Office of Managememnt and Budget (OMB)
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Prepares estimates of amounts to be spent by federal govt agencies, negotiates department budget.
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Pocketbook issue
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Economic issues during an election year
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Progressive tax structure
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tax rate increases as the economic well-being increases
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Reaganomics
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Policies of Reagan administration: to reduce size of Federal govt and stimulate economic growth.
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Secretary of the Treasury
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Represents views of financial community. Represents US in dealings with financial dealings with other nations.
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Sixteenth Amendment
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Authorized collection of income taxes by govt
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Supply-side tax cut
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Tax cuts that provide incentive for people to work, save, invest, ultimately providing a more productive economy.
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Surplus
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government takes in more then it spends.
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Tax cut
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reduction in the rate of tax imposed by a government.
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Tax loopholes
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Given the complexity of the law, errors are rarely noticed.
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Tax Reform Act of 1986
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act to simplify the income tax code, broaden the tax base and eliminate many loopholes
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Unemployement
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??
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