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AP GOV Ch.13 Budget Review
Terms in this set (32)
Define Tax Ependitures
Revenue losses that result from special exemptions, exclusion, or deductions allowed by federal tax laws.
What is the largest Social Policy of the Federal Government
When spending more than what is collected in revenue.
What Amendment Permits Congress to tax personal income
Which group advises the President on Budgeting
OMB (Office of Management and Budget)
By Law, the President must submit a budget by the first Monday in which Month
In Which year was Medicare included in the Social Security System
What court case declared income tax to be unconsitiutional
Pollock Vs. Farmers Loan and Trust Company
In 2012, the average Social Security payment for retired workers was how much
The rise of the National Security State took place after what War?
World War II
An act of Congress that establishes, continues, or changes a discretionary government program or an entitlement. It specifies program goals and maximum expenditures for discretionary programs.
An act of Congress that actually funds programs within limits established by authorization bills. Appropriations usually cover one year.
A resolution binding Congress to a total expenditure level, supposedly the bottom line of all federal spending for all programs.
American Citizens usual attitude toward the budget is what
Citizens like programs and benefits but they don't like having to pay taxes. They only want to pay for the programs they want.
On what transaction must citizens pay capital gains tax on?
Sales of property or of an investment
The national debt is________________ of debt over time.
an explicit, legislated limit on the amount of outstanding national debt
What is an earmark, also known a pork barrel legislation
Funds allocated to different districts for special circumstances
The belief that the best predictor of this year's budget is last year's budget, plus a little bit more (an increment).
What threatens the intergenerational contract for social security
More people retiring then working
What is the largest social policy COST of the federal government.
What is a government subsidy and why is it a tax expenditure. Why is Social Security tax not a tax expenditure
When government gives you back tax money. Because revenue is lost due to exemptions.
Because it finds most of the budget
Name two groups that pay income tax
Corporations and individuals
A emergency budget extension measure that Congress passes when a full budget law has not been completed by the beginning of the new fiscal year (October 1). Avoids government shutdown.
a tax on the production or sale of a good
The deficit is calculated by subtracting total revenue from total
Define Progressive and flat taxing systems. In which system does, in general, 42% of people filing income tax returns pay no tax at all? which group, Republicans or Democrats, does this anger? Can you explain why they are angry?
Progressive- The % goes up as the income goes up
Flat- The % is the same for everyone
This angers Republicans because they want a flat tax and also the Republicans are typically higher income individuals.
List a tax expenditure given to students
American Opportunity Credit
Government Accountability Office
A federal legislative agency that audits (investigates) other agencies of the federal government and reports it's findings to Congress (makes sure they are not spending more money than the government has appropriated for them).
Who benefits the most from the Military Industrial Complex
The Military Weapon contractors
What is the biggest threat to Social Security
Retirement of Baby Boomers
What does the federal government do when it is unable to cover its expenditures in a fiscal year. What do they offer American Citizens to buy?
The get loans from other countries and citizens. Citizens can buy bonds and get paid interest back
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