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Related Flashcards
Related Topics
Cards In This Set
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Budget
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Policy document allocating burdens (taxes) and benefits (expenditures).
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Deficit
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Excess of federal expenditures over revenues.
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Expenditures
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Gov't. spending of revenues.
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Revenues
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Financial resources of the gov't. (taxes).
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Income tax
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Shares of individual wages/ corporate revenues given collected by the gov't. Authorized by 16th Amendment.
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16th Amendment
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Passed in 1913. Allows Congress to levy income tax.
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Federal debt
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Money borrowed by federal gov't. that is still outstanding.
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Tax expenditures
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Revenue losses from special exemptions, exclusions, or deductions on federal tax law.
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Social Security Act
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Passed in 1935 during Great Depression. Provides minimal level of sustenance to older Americans to save them from poverty.
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Medicare
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Added to Social Security in 1965 that provides hospitalization insurance for the elderly and permits them to buy inexpensive health coverage.
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Incrementalism
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Budget process where best predictor of this year's budget is last year's plus a little more.
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Uncontrollable expenditures
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Determined not by a fixed amount by Congress but by how many eligible beneficiaries ther are for a program or by previous obligations of the gov't.
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Entitlements
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Policies for which Congress must pay X level of benefits to Y number of recepients (Ex: Social Security benefits).
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Ways and Means
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House committee that writes tax code along with Senate's Finance Committee, approved by all of Congress.
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Finance Committee
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Senate committee that writes tax code along with House's Ways and Means, approved by all of Congress.
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