Taxes
Nontax Revenues and Borrowing
Spending and the Budget
Taxes II
Misc.
100
Which Amendment is about income tax?
The 16th Amendment.
100
What trillion is our current national debt in?
16 trillion
100
What is the constitutional limit on government spending?
There is no limit.
100
What tax category does a luxury tax fall under?
What is Excise Tax?
100
The government gets most of its revenue through? Be Specific!!!
What are Individual Income Taxes?
200
True or False: Taxes are used only to make money for the government.
False. The government also imposes taxes to discourage certain actions that are harmful or dangerous to the public.
200
What is a deficit?
It is a yearly shortfall between income and outgo.
200
What part does the President play in the budget-making process?
The President proposes the budget to Congress.
200
What taxes are levied on citizens/travelers bringing more than $400.00 of goods into the USA?
What are custom duties?
200
A supply-side economist believes in
What is lower taxes?
300
What do you have to do to claim your deductions and exemptions?
File a tax return to the IRS.
300
What is a surplus?
It is more income than outgo.
300
When does the budget need to be approved by?
October 1st
300
What percentage is michigan's sales tax?
What is 6%?
300
Farm subsidies would be an example of ____________ spending.
What is controllable?
400
Are Social Insurance Taxes progressive or regressive?
They are a regressive tax (flat rate).
400
What is the government's total outstanding indebtedness called?
Public Debt.
400
Do entitlements fall into the controllable or uncontrollable spending category?
Entitlements are uncontrollable.
400
The US has run a surplus or deficit over the last 5 years.
What is deficit?
400
What would be one way to stabilize social security?
What is means testing /raising the retirement age/having younger people pay more/have an opt-out option?
500
Which tax is used to calculate the Assets of a deceased relative?
Estate Tax
500
Why has the government needed to borrow money in the past?
It has borrowed money to finance big projects that cannot be paid with the nation's current income or crisis situation like natural disasters or wars.
500
Which part of the budget is the most costly?
What are entitlements?
500
Name the 3 payroll taxes.(F.I.C.A.)
What is Medicare, Social Security and Unemployment Insurance?
500
The federal reserve lowers the __________ _________ to change the money supply.
What is discount rate?
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