(1) Taxes
(2) Borrowing
(3) More Taxes and Borrowing
(4) Economics
(5) People
100
The higher the income, the higher the tax paid.
What is progressive tax?
100
A charge for borrowing money is called this.
What is interest?
100
This tax is collected at a flat-rate, not based on a person's income.
What is a regressive tax?
100
The idea that lower taxes create a stronger economy.
What is supply-side economics (or Reaganomics)? +1
100
He supported supply-side economics.
Who is Ronald Reagan (and George W. Bush)?
200
This must be filed in order to see how much a person earned in the last year.
What is a tax return?
200
All federal borrowing is done by this department.
What is the Treasury Department? +2
200
Social insurance taxes support these three programs (name all three).
What is Social Security, Medicare and unemployment compensation? +3
200
According to this theory, government should spend more money which will lead to increased employment and more tax revenue.
What is demand-side economics (Keynesian economics)? +1
200
He developed the idea behind demand-side economics.
Who is John Maynard Keynes? +2
300
This tax is placed on imports (decided by Congress). Also called tariffs.
What is customs duties?
300
Controllable spending is also called this.
What is discretionary spending? +2
300
This is made up of the total outstanding amount the Federal Government has borrowed, plus accrued interest.
What is the public debt?
300
An increase in prices. Can lower consumers' purchasing power (the dollar loses value).
What is inflation?
300
He initiated several federal programs to increase employment to help the economy recover from the Great Depression in the 1930s.
Who is Franklin D. Roosevelt?
400
This tax is placed on all of the assets (everything the person owns or values) of a person who dies.
What is an estate tax? For +1, how much is the estate worth in order for it to be taxed?
400
The creation of the federal budget is initiated by this person.
Who is the President?
400
The amount of debt owed by the US.
What is $14-19 trillion? +1
400
A decrease in prices. Can also hurt farmers, producers, banks and investors.
What is deflation?
400
Reagan and Bush were part of this political party.
What is Republican?
500
The gift tax is applied to gifts of over this amount.
What is $12,000? +2
500
Veterans' benefits and social security are examples of these types of programs.
What is entitlement?
500
Congress cannot tax these types of goods.
What are exports? +1
500
When the country is in a _______, there is an absence of economic growth (economy shrinks).
What is a recession?
500
FDR was part of this political party.
What is Democrat?
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