The Right To Tax My Failing Kidneys
medicaid
government health expenses include a joint federal-state insurance program for low-income persons called __________
entitlements
government programs that provide services or income to all individuals who meet eligibility requirements
deficit spending
government spending that exceeds the revenues collected
mandatory spending
government spending that is authorized by law and does not need the approval of congress
alternative minimum tax
personal income tax rate that applies whenever the amount of taxes paid falls below a certain level
sin tax
relatively high tax designed to raise revenue and reduce consumption of a socially undesirable product
transfer payment
social security is an example of a __________
payroll withholding
system requiring employers to deduct income taxes from employees' paycheck and send them directly to the irs
excise tax
tax on the manufacture and sale of certain items like tires and gasoline
value added tax
tax placed on the value that manufacturers add at each stage of production
flat tax
tax that imposes the same percentage rate of taxation on everyone, regardless of income
budget enforcement act
the "pay-as-you-go" provision was a feature of the __________
people should be taxed according to their ability to pay
the ability-to-pay principle of taxation states that __________
ensured that people paid a minimum tax of 20%
the alternative minimum tax __________
estate tax
the gift tax is used to prevent people from avoiding the __________
elementary and secondary education
the largest category of spending for most local government is __________
intergovernmental revenue
the largest source of revenue for states is __________
equity, simplicity, efficiency
the three criteria for effective taxes are __________
national debt
the total amount the government has borrowed to finance deficit spending
defense and welfare
the two broad categories of government spending are __________
government, business, family, and non-profit
what are the four sectors of the economy?
individual income taxes
what is the single largest source of revenue for the federal government?
the omb assembles the budget under presidential guidelines
what roles does the office management and budget play in establishing the federal budget?
intermediate goods (turned into final goods), used goods, transfer payments, non-market activities, and illegal goods
what things may be excluded from GDP?
the vat is invisible to consumers
which of the following is a disadvantage of the value-added tax?
national defense
which of the following is an example of discretionary spending?
fiscal year
12 month financial planning period, that may or may not coincide with the calendar year
sales tax
a simple tax on the purchases consumers make
appropriations bill
an act of congress that allows federal agencies to spend money for specific purposes
fica
federal tax used to pay for social security and medicare
social security and medicare
fica includes taxes to pay for __________
gross domestic product (gdp), gross national product (gnp), net national product, disposable national income, and personal income
list the five measures of national income?
output-expenditure model
macroeconomic model describing aggregate demand by the consumer, investment, government, and foreign sectors
intergovernmental spending
money transferred from one level of government to another for spending