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AP Government Ch. 13 The Budget: the Politics of Taxing and Spending vocab
Government in America People Politics and Policy 2012 Election Edition Chapter 13 The Budget: The Politics of Taxing and Spending Murphy AP Comparative Government Key Terms
Terms in this set (21)
A policy document allocating burdens (taxes) and benefits (expenditures).
An excess of federal expenditures over federal revenues.
Government spending. Major areas of federal spending are social services and national defense.
The financial resources of the government. The individual income tax and Social Security tax are two major sources of the federal government's revenue.
Shares of individual wages and corporate revenues collected by the government. The Sixteenth Amendment explicitly authorized Congress to levy a tax on income.
The constitutional amendment adopted in 1913 that explicitly permitted Congress to levy an income tax.
All the money borrowed by the federal government over the years and still outstanding. Today the national debt is about $17.5 trillion.
Revenue losses that result from special exemptions, exclusions, or deductions allowed by federal tax law.
Social Security Act
A 1935 law intended to provide a minimal level of sustenance to older Americans and thus save them from poverty.
A program added to the Social Security system in 1965 that provides health insurance for the elderly, covering hospitalization, doctor fees, and other health expenses.
A description of the budget process in which the best predictor of this year's budget is last year's budget, plus a little bit more (an increment). According to Aaron Wildavsky, "most of the budget is a product of previous decisions."
Expenditures that are determined by how many eligible beneficiaries there are for a program or by previous obligations of the government and that Congress therefore cannot easily control.
Policies for which Congress has obligated itself to pay X level of benefits to Y numbers of recipients. Social Security benefits are an example.
House Ways and Means Committee
The House of Representatives committee that, along with the Senate Finance Committee, writes the tax codes, subject to the approval of Congress as whole.
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 whole.
Congressional Budget Office
Advises Congress on the probable consequences of its decisions, forecasts revenues, and is a counterweight to the president's Office of Management and Budget.
A resolution binding Congress to a total expenditure level, supposedly the bottom line of all federal spending for all programs.
A congressional process through which program authorizations are revised to achieve required savings. It usually also includes tax or other revenue adjustments.
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.
When Congress cannot reach agreement and pass appropriations bills, these resolutions allow agencies to spend at the level of the previous year.
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