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US Government 16

Gov. Ch. 16 vocab

continuing resolution A measure which allows agencies to continue working based on the previous year's appropriations.
controllable spending An amount decided upon by Congress and the President to determine how much will be spent each year on many individual government expenditures, including environment protection programs, aid to education, and so on.
customs duty a tax laid on goods brought into the United States from broad, also known as tariffs, important duties, or imposts.
entitlement A benefit that federal law says must be paid to all those who meet the eligibility requirements, e.g., Medicare, food stamps, and veterans' pension.
estate tax A levy imposed on the assets of one who dies.
excise tax a tax laid on the manufacture, sale or consumption of goods and/or the performance of services.
gift tax a tax on a gift by a living person
interest a charge for borrowed money, generally a percentage of the amount borrowed.
payroll tax a tax imposed on nearly all employers and their employees, and on self-employed persons--the amounts owed by employees withheld from their paychecks.
progressive tax a type of tax proportionate to income
public debt all of the money borrowed by the government and not yet repaid, plus the accrued interest on that money; also called the national debt or federal debt.
regressive tax a tax levied at a flat rate, without regard to the level of a taxpayer's income or ability to pay them.
surplus more income that spending
tax return a declaration of taxable income and of the exemptions and deductions claimed
uncontrollable spending spending that congress and the President have no power to change directly
deficit the yearly shortfall between revenue and spending.
Created by: me1915181