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