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Tax Policy
Question | Answer |
---|---|
Federal spending of revenues | Expenditures |
When the wealthy pay a higher rate of tax on their income | Progressive tax |
Government doesn't push people into higher tax rates due to inflation | Tax indexing |
Shares of individual wages and corporate revenues collected by the government; authorized by the Sixteenth Amendment | Income tax |
The financial resources of the federal government | Revenues |
Proposed amendment to the Constitution that would require Congress to approve budgets that spend only as much as is taken in | Balanced budget |
All the money borrowed by the federal government over the years and still outstanding | Federal debt |
A tax break or benefit for selected taxpayers | Tax loopholes |
A policy document allocating taxes and expenditures | Budget |
When everyone is taxed at the same rate | Flat tax |
An excess of federal expenditures over federal revenues | Deficit |
Established to collect income taxes | Internal Revenue Service |