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28 Cards in this Set
- Front
- Back
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fiscal policy
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– public policy that concerns taxing, government spending public debit and management of government money
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service-sector
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business that provides services such a finance, health care, food service, data processing or consulting
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tax
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a compulsory contribution exacted by a government for a public purpose
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regressive taxes
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a tax in which the effective tax rate falls as the tax base increases
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progressive taxes
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a tax in which the effective tax base increases
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Fee
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a fixed sum charged by government for a privilege
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balanced budget
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a budget in which total revenues and expenditures are equal, producing no deficit
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General Revenue Fund
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an unrestricted state fund which is available for general appropriations
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general sales tax
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at the rate of 6.25% of a sale, the general sales tax is Texas’s largest source of tax revenue. It is applied largely to the sale price of tangible personal property and “the storage,use,or other consumption of tangible personal property purchased, leased or rented”
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Streamlined Sales Tex Project
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a voluntary effort by a number of states to simplify collection and administration procedures of the sales tax for sellers so that sales tax can be collected on internet and catalog purchases
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selective sales taxes
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these are quantity-based consumption taxes on specific products
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sin tax
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a selective sales tax on items such as cigarettes, other forms of tobacco, and alcoholic beverages
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franchise tax
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this tax is levied on the annual receipts of businesses organized to limit the personal libility of owners
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payroll tax
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a tax levied against a portion of the wages and salaries of employees to provide funds for payment of unemployment insurance benefits to thses people wen they lose their jobs
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severance tax
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an excise tax levied on a natural resource form the earth
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Grant-in-aid
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money, goods or services given by one government to another (federal grants-in-aid to states for financing public assistance programs)
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Securitization
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Sale of bonds backed by anticipated future payments of tobacco settlements
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“Losers’ fees”
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a surcharge added to assessments against the few who get caught disobeying a law violated by many
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Bonded debt
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Borrowings obtained through sale of revenue bonds and general obligation bonds
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“Rainy day” fund
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a fund used for stabilizing state finance when revenue is insufficient to cover state-supported programs
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Budget
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a plan indicating how much revenue a government expects to collect during a period (usually one or two fiscal years) and how much spending is authorized for agencies and programs
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Legislative Budget Board (LBB)
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a 10 member body co-chaired by the lieutenant governor and the speaker of the House, this board and its staff prepare a biennial-current services budget. In addition, the LBB assists with the preparation of a general appropriation bill at the beginning of a regular legislative session; and, if requested it prepares fiscal notes that assess the economic impacted of a proposed bill or resolution
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Dual budgeting system
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the compilation of separate budgets by the legislative branch and the executive branch
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Budget execution
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the process whereby the governor and the legislative budget Board oversee (and in some instances modify) implementation of the spending plan authorized by the Texas Legislature
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Robin Hood plan
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a plan for equalizing financial supported for school districts by transferring tax money form rich districts to poor districts
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TEXAS Grants Program
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“Toward excellence access and success,” the program provides funding for qualifying college and university students
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Children’s Health Insurance Program (CHIP)
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a program that provides medical insurance for children for low-income families
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Trans-Texas Corridor
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a 50 year development plan to provide more than 4,000 miles of new right-of-ways in Texas that will include highways, railroads, and utility easements
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