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Budget
A policy document allocating burdens(taxes) and benefits(expenditures)
Deficit
An excess of federal expenditures over federal revenues
Expenditures
What the govt. spends money on
Revenues
Sources of money for the govt.
Income tax
Shares of individual wages and corporate revenues
16th Amendment
Permitted Congress to levy an income tax
Income tax is progressive:
Those with more income pay higher rates of tax on their income
Taxes for specific funds:
Social Security and Medicare
Federal Debt
All money borrowed over the years and still outstanding
Tax Loopholes
Tax breaks or benefits for a few people
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