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Tax Policy

QuestionAnswer
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
Created by: betsynewmark
 

 



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