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Schwartz AP Gov 15
Domestic Policy
| Term | Definition |
|---|---|
| Affordable Care Act | otherwise known as "Obamacare"; federal law intended to improve health insurance for US citizens |
| Council of Economic Advisors | a 3 person panel in the White House Executive Office, who assist in making financial decisions, such as taxing and spending |
| debt | how much the country owes others |
| deficit | the year to year difference between what the government takes in versus what it spends |
| discretionary spending | the remaining one-third of the budget that can be altered, cut or increased |
| Elite Theory | when there is an inequity in the spread of power, the elites - people with resources and influence- dominate |
| estate taxes | when Congress taxes income people receive through an inheritance |
| excise taxes | taxes on particular goods and services like alcohol, tobacco, airline travel and gasoline |
| fiscal year | 12 month period used by government and businesses to record expenditures, budgeting and financial matters |
| Internal Revenue Service (IRS) | oversees the tax collection process |
| majoritarian politics | the interaction of people with government in order to put into place and carry out the will of the majority |
| Monetary politics | how the government manages supply and demand of its currency and thus the value of a dollar |
| pluralist theory | belief that the ideas and viewpoints in the US are so scattered and varied that no single view can control the shaping of policy |
| progressive tax | one's tax rate increases as one's income increases |
| Reaganomics | a combination of widespread tax cuts, supply side economics, decreased social spending and increased defense spending |
| 16th Amendment | Allows Congress to collect an income tax |
| supply-side economics | the government should leave as much money as possible with the people |
| surplus | taking in more in taxes than it must spend |
| Taft-Hartley Act (1947) | enabled states to outlaw the "closed shop"- a company policy or labor contract that requires all employees to join the local union |
| trade balance | the balance between how many goods are imported and how many are exported |
| Congressional Budget Office (CBO) | examines and analyzes the budget proposal and serves as a check on the president's OMB |
| flat tax | taxes all citizens at the same rate |
| Federal Reserve Board | sets US monetary policy |
Created by:
schwarms1
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