Taxes
Debt
Topics
Main Ideas
100
tax that's based on ability to pay
What is a progressive tax?
100
Yearly shortfall between income and outgo.
What is the deficit?
100
tax levied on money or property given by one living person to another.
What is a gift tax?
100
this is why the US has historically borrowed money.
What is to meet crises?
200
tax levied at a flat rate.
What is a regressive tax?
200
benefit the law says must be paid to those who meet eligibility requirements.
What is entitlement?
200
tax on certain goods imported into the US.
What is a custom duty?
200
this is why the US borrows money today.
What is to pay off past debt since government has been operating beyond its means for years?
300
tax on the assets of one who dies.
What is the estate tax?
300
allows government agencies to function until appropriations are approved.
What is continuing resolution?
300
give an example of how the Constitution limits the Federal government's power to tax.
What is they must be for public purposes only, direct taxes apportioned equally, indirect taxes must be uniform?
300
these are the two most expensive programs for the government.
What are social security programs and interest on debt?
400
tax held from paychecks.
What is the payroll tax?
400
declaration of income, and exemptions, and deductions claimed.
What is a tax return?
400
List 2 sources of income for the government.
What are income taxes, excise taxes, and duties?
400
the significance of the federal budget.
What is it determines which programs will have money to operate?
500
taxes on the production, transportation, sale, or consumption of goods.
What is the excise tax?
500
government's outstanding indebtedness.
What is public debt?
500
this is where nontax money comes from.
What are interests made on loans by government, personal gifts, profit from the manufacturing of money?
500
this is the first step of preparing the budget.
What is gathering estimates from all agencies?
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