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Taxes
Other Taxes
Borrowing
The Great Depression
The Public Debt
100
The Constitution gives Congress the power “To lay and collect Taxes, Duties, Imposts, and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States…”
What is Article 1, Section 8, Clause 1? or What is the power to tax?
100
Taxes laid on the manufacture, sale, or consumption of goods and/or the performance of services
What are excise taxes?
100
Shortfall between income and spending
What is "deficit"?
100
The main cause of deficit financing (economic calamity)
The Great Depression
100
The government’s total outstanding indebtedness. It includes all of the money borrowed and not yet repaid, plus the accrued, or accumulated, interest.
What is "Public Debt"?
200
Congress drove phosphorus matches from the market.
What is the two-cent tax? or How has Congress regulated activity the government believes is harmful to the general public?
200
Levies imposed on the assets/estate of someone who dies
What are estate taxes?
200
More income than spending, the opposite of a deficit
What is "surplus"?
200
Even if the government has to borrow to support the increased spending, the higher employment that results will produce higher tax revenues
What is "Keynesian View"?
200
What is our current public debt?
About 20 trillion.
300
The largest source of federal revenue, flexible tax, and also a progressive tax which means that the higher your income, the higher the tax rate.
What is the Income Tax?
300
These taxes plugged the loophole to the estate taxes
What are Gift Taxes
300
The Constitution gives Congress the power “to borrow Money on the credit of the United States”.
What is the borrowing power? or What is Article 1, Section 8, Clause 2?
300
The assumption that tax cuts increase the supply of money in private hands which would stimulate the economy
What is Reaganomics or Trickle Down?
300
Name a cause of the public debt.
Deficit financing, failure to repay the debt over time, interest on existing debt
400
April 15th
When must you submit tax returns by?
400
Taxes laid on goods brought into the United States from abroad
What are Custom Duties?
400
How does Congress borrow?
Treasury notes or bills (T-bills) for short-term borrowing, and bonds for long-term borrowing
400
A series of government spending and jobs programs designed to stimulate the economy.
What was the New Deal?
400
Name an effect of public debt.
Increased revenue needed to pay off debt, fears of taxpayers
500
OASDI and Medicare
What are payroll taxes?
500
Canal tolls, and fees for passports, copyrights, patents, and trademarks
What are examples of nontax revenues?
500
Give one reason the Constitution gives Congress the power to borrow?
1.Meet the costs of crisis situations (wars) 2.Pay for large-scale projects (ex) Panama Canal 3.To finance budget deficits (the US has spent more than it has collected)
500
Who was president during the Great Depression? (Name both)
Herbert Hoover (Hooverville) and FDR (Franklin D. Roosevelt)
500
Who do we owe a majority of the debt to?
Foreign countries (China, Japan, Carribean Banking, Oil Exporters)