Create an account
the three types of revenue
1. income tax & corporate tax: goes in social fund like social security.
2. social insurance tax: which is used for specific purpose.
3. Borrowing / issuing debt . treasury bonds, bills, and notes. the interest adds to the debt
the more you make the smaller percent of your income you pay like social security and sales tax
money that government could collect but does not because they are exempted from taxation.
will never happen because 1. special interest would fight it and 2. government cant influence activities.
two types of expenditures
1. social services state- social welfare
2. national security use to be number one. more than 60 percent of budget
a budget method- incrementalism:
last years budget plus little bit more. it is not good because there is more federal spending, its uncontrollable
provides assistance and support to specific groups. over 80 percent to to non poor and 17 percent goes to poor
U.S census made it. it is the minimum amount to make for needs to be eligible for programs
government involvement in social welfare
linden Johnson: war on poverty in the 60's
Reagan tried to reduce social welfare in 80's
3 legged stool
1.social security- an entitlement is most expensive
3.savings- is personal responsibility
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