National Debt
TAXES
MORE TAXES
How do we pay?
Entitlements
100
Occurs any year when the expenditures exceed revenues.
What is deficit
100
National Defense, Highways, Education, Law Enforcement, Fire Dept and Welfare are supported by...
What is taxes
100
Form used to file for your income taxes - declare income & determine your taxable income
What is a tax return
100
The percentage of income paid in taxes remains the same for all income levels
What is proportional
100
These taxes fund social security and medicare
What is FICA (Federal Insurance Contributions Act)
200
Total amount of money owed which is carried forward to the following year and not paid back
What is debt
200
This was the slogan of the colonists expressing their anger with the British.
What is Taxation without Representation
200
A person's gross (or total) income minus exemptions and deductions =
What is Taxable Income
200
The percentage of income paid in taxes increases as income increases.
What is progressive.
200
Established by FDR to provide old-age pensions to workers
What is Social Security
300
A term in 10Million and Counting referring to maintaining low taxes in order to keep government small
What is called starving the beast
300
The Framers of the Constitution outlined the power to tax to what branch of government?
What is Congress
300
Name the President who created the first income tax (to pay for a war)
Who is Abraham Lincoln, to pay for the Civil War
300
A tax for which the percentage of income paid in taxes decreases as income increases (example: Sales Tax)
What is Regressive Tax
300
A national health insurance program that helps pay for health care for people over age 65 or with certain disabilities
What is Medicare
400
In 10 Million and Counting - a law which required all legislation must have a funding plan to be passed into law...this changed in 2002.
What is paygo (pay as you go)
400
What ARTICLE and SECTION describes the power to tax?
What is Article I Section 8
400
The income, property, good or service that is subject to be taxed
What is the tax base
400
Federal income tax is collected by this method
What is pay as you earn
400
Health care which benefits low income families, federal govt shares the cost with the state
What is Medicaid
500
A form of government borrowing which must be repaid - short term and long term
What is a treasury bond
500
What amendment established the income tax?
What is 16th Amendment
500
What is one limit to taxation?
What is Religion, Exports & must be uniform - can't tax one state more than another.
500
Employers take out payments based on an estimate of how much you owe at the end of the year
What is withholding
500
General revenue taxes on services like telephone & cable
What is Excise Tax
M
e
n
u