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Taxes
Nontax Revenues and Borrowing
Spending and the Budget
Taxes II
Misc.
100
Which Amendment is about income tax?
The 16th Amendment.
100
What is our current national debt?
20 trillion
100
What is the constitutional limit on government spending?
There is no limit.
100
What tax does a liquor tax fall under?
What is Excise Tax?
100
The government gets most of its revenue through?
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 goods coming 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.
300
What is a surplus?
It is more income than outgo.
300
What date does the budget need to be approved by?
October 1st
300
Name a regressive tax paid by Michigan citizens?
What is the sales tax.
300
Defense spending 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? Two Words
Public Debt.
400
Do entitlements fall into the controllable or uncontrollable spending category?
Entitlements are uncontrollable.
400
What is the largest tax rate ever paid by individuals in the US?
What is 90%
400
What would be one way to stabilize social security?
What is raising the retirement age?
500
Who is the only branch that can spend money?
Congress
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. War
500
What do we spend the most money on?
Social Security Medicare/Medicaid
500
Name the 3 payroll taxes.
What is Medicare, Social Security and Unemployment Insurance?
500
Used by the government for long term borrowing?
What are bonds?