A tax graduated so that people with higher incomes pay a larger fraction of their income than people.
A tax whereby people with lower incomes pay a higher fraction of their income than people with higher incomes.
The difference between the revenues raised annually from sources of income other than borrowing and the expenditures of government, including paying the interest on past borrowing.
The accumulated total of federal deficits, minus surpluses, over the years
Gross Domestic Product (GDP)
The total output of all economic activity in the nation, including goods and services.
Congressional Budget Office (CBO)
An agency of Congress that analyzes presidential budget recommendations and estimates the costs of proposed legislation's.
General tax on sales transactions, sometimes exempting food and drugs.
Value-Added Tax (VAT)
A tax on increased value of a product at each stage of production and distribution rather than just at the point of sale.
Loss of tax revenue due to federal laws that provide special tax incentives or benefits to individuals or business.
A theory that government should control the money supply to encourage economic growth and restrain inflation.
Federal Reserve System
The system created by Congress in 1913 to establish banking practices and regulate currency in circulation and the amount of credit available. It consists of 12 regional banks supervised by the Board of Governors.
Theory that opposes governmental interference in economic affairs beyond what is necessary to protect life and property. EX: Capitalists