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