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GOV 10

41

QuestionAnswer
appropriations
balanced budget
balance of payments deficit the amount by which imports exceed exports
bondoogle
budget an outline of the government's spending program for the coming year
corporate income tax industries and businesses pay these on their profits
debt ceiling
deduction Allows people to pay lower taxes. Encourages people to give to charities or invest.
deficit spending when the federal government spends more money than it collects
excise tax taxes levied on the sale of specific goods and services
exemption allows people to pay lower taxes
export tax tax on goods shipped to other countries. The Constitution forbids this.
fiscal year
gross domestic product
indirect tax the cost of which is passed on to the consumer. The Constitution provides that these must be uniform throughout the country.
inflation result of higher interest rates. Pushes prices higher and higher.
logrolling
loophole special tax breaks that allow individuals and corporations to reduce or eliminate their taxes
national debt total amount owed by a country to its creditors
personal income tax federal government uses this to collect a percentage of each American's earnings
porkbarrel appropriations for questionable projects to benefit a legislator's home district
progressive tax rate system where the well-to-do pay a higher percentage of their earnings than do the poor
recession
regressive tax tax that forces rich and poor alike to pay the same amount
tariff tax on imports
Created by: catherine1994
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