Chapter 13 Vocab
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Created by:
annahuffman on November 3, 2011
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13 terms
Terms | Definitions |
|---|---|
 Budget | a policy document allocating burdens (taxes) and benefits (expenditures) |
| Deficit | an excess of federal expenditures over federal revenues |
| Expenditures | federal spending of revenues major areas of spending are social services and the military |
| Revenues | the financial resources of the federal government 2 major sources are income tax and social security |
| Income Tax | shares of individual wages and corporate revenues collected by the government the 16th amendment authorized Congress to levy a federal income tax |
| Federal Debt | all the money borrowed by the federal government over the years and still outstanding |
| Tax Expenditures | revenue losses that result from special exemptions, exclusions, or deductions on federal tax law |
| Social Security Act | 1935 law passed during the Great Depression intended to provide a minimal level of sustenance to the elderly and save them from poverty |
| Medicare | a program added to Social Security in 1965 that provides hospitalization insurance for the elderly, inexpensive coverage for doctor fees and other medical expenses |
| Incrementalism | the belief that the best predictor of this year's budget in last year's budget, plus a little bit more (an increment) |
| Uncontrollable Expenditures | expenditures that are determined not by a fixed amount of money appropriated by Congress but by how many eligible beneficiaries there are for a program or by previous obligations of the government |
| Entitlements | policies for which Congress hs obligated itself to pay X level of benefits to Y number of recipients an example would be Social Security |
| Senate Finance Committee | the Senate committee that, along with the House Ways and Means Committee, writes the tax codes, subject to the approval of Congress as a whole |
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