You had better file your tax return by this date, or Uncle Sam will not be happy with you.
What is April 15th
100
This is who is responsible for writing the federal budget
Who is the President
100
Rounded to the nearest Trillion, this is the size of our national debt.
What is 11
100
Welfare Payments
What is a Transfer Payment
100
The Fair Tax would be a national __________(What kind of tax) of about __________%
What is sales tax 23%
200
FICA is made up of two components
What is Social Security and Medicare
200
A rare power of the president that lets him veto only certain parts of a bill, not the whole thing
What is the Line Item Veto
200
This is the part of the debt we owe to ourselves. It makes up close to 80% of the debt.
What is the Public Debt
200
F-22 Fighter Jet
What is a purchase
300
The income tax is this type of tax, since it increases as your income increases
What is Progressive or Ability to Pay
300
Today, this category of spending takes up about 2/3 of the overall budget
What is Mandatory Spending....the other category is Discretionary.
Remember, 50 years ago, the opposite was true.
300
These yearly acts of overspending add up to the debt
What is a deficit.
300
Medical Research
What is a Transfer Payment
400
A tax on a specific good or service, such as gasoline, alcohol, or tobacco.
What is an excise tax
400
Most Discretionary spending in the budget goes to this
What is the military
400
This is the only way a budget can lower the federal debt
What is a budget surplus
400
The Vietnam Memorial Wall
What is a Purchase
500
These are the 3 criteria for an effective tax. (All taxes should be ______, _________, and ________.)
What is Fair (Equity) , Simple, Efficient
500
This is a type of bill passed by Congress that designates money to be spent on a certain project or item.
What is an appropriations bill
500
This, when the government borrows money to help pay the debt, puts government in direct competition with private businesses, and drives interest rates up for everyone.