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| When the percentage taxed is the same at all income levels; Flat tax; If you make 1000 per year your taxed 10% which is $100 and if you make 100k per year your taxed 10% which is $10,000 per year. |
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| Items that the government or businesses spend money on; guns and butter; Ex- SPENDITURES |
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| Government's policy on how to spend taxes and bond money; guns vs. butter; Large impact on nation's economic business cycle |
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| The amount of money the national government owes in loans from deficit spending; up to 10 Trillion Dollars; U.S. is getting a bad credit score |
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| A tax on money, property, and other valuables passed on to someone after a death; Will tax; Death tax |
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| Tax on goods on excise goods, or goods that are not necessarily needed; SIN TAX; taxes on cigarettes, alcohol, and other harmful items |
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| Idea that tax breaks to wealthy people and businesses will eventually flow downstream to the less privileged in our economy; Bush tax cuts; Give a tax cut to someone making 200K and they might buy a new car, have new deck built, put a pool in, or buy whatever which creates new jobs and business |
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| macroeconomic thought that argues that economic growth can be most effectively created using incentives for people to produce (supply) goods and services, such as adjusting income tax and capital gains tax rates; most economist relate it to trickledown economics |
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| The income of a government from all sources appropriated for the payment of the public expenses; taxes;tax money |
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| When the percentage of tax t hat people pay goes up as income goes down; Our state and county sales tax; If person A and person B go to Costco, person A make 100K and person B makes 30K, if both person A & B buy $100 worth of groceries and have to pay $7 each for tax on the sale, who is the sales tax harder on person A or B. |
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| Government spending that is automatically paid each year without government approval, must be made, amount can be changed must legislative/executive action must take place; Social Security; Anything the government pays into automatically every quarter |
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| Government spending that must be approved each year and is not automatic, which means the amount can be changed; Military spending; the military budget changes depending on events in the world and our security |
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| A 12-month period for which an organization (government or business) plans the use of its funds; March 08-March 09; All expenditures and revenue made in that time period "budget" |
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| State government expenditure to provide medical coverage to the underprivileged; Socialized medicine for the poor: Medical AID for poor people |
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| Federal government expenditure to provide medical coverage to people 65 and older; Socialized medicine for seniors: Medical CARE for old people |
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| Tax an employer withholds and/or pays on behalf of their employees based on the wage or salary of the employee; federal income tax, state income tax, social security; Taxes taken out of you PAY CHECK |
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| Tax on your income to pay for government expenditures; Federal and State tax on you paycheck; Taxes out of your paycheck to pay for guns and butter |
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| When government revenues are greater than expenditures; Made more in taxes than had to spend on guns and butter; usually means economy is doing well |
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| State taxes on people property; Land and car taxes; Only in states, there is NO FEDERAL version of this tax |
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| When government expenditures are more than revenues; Spent more money than we made in taxes; need to sell bonds to deficit spend |
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| Intergovernmental revenue |
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| When one government branch receives revenue from another branch; Federal money comes into N.C. to help pay for schools; Federalism spending |
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| The division of government between a national and local level, the national level being more powerful; Washington D.C. national "Federal" government and the N.C. government in Raleigh; Nation, State, and Local government division |
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| Tax on sales of goods; Regressive tax; The low your income the larger percentage of your income is taken away |
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| Production of goods which are sold to foreign markets; Buick cars sold in China; |
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| Bringing goods into our country to sell from other countries; China sends goods to the U.S. to be sold in our market; Wal-Mart |
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| Exporting more than you import; China's trade status with the U.S. |
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| Importing more than you export; U.S. trade status with China |
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| When the percentage of tax that people pay goes up as income rises; Our federal income tax; Someone making $100k gets tax 35% of their income, whereas someone making $20k only gets taxed 5% of their income. |
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| Lawmaking body of our government at the National and State level; Congress, The House and Senate at the Federal (National) level, and the General Assembly made up of a House and Senate at the State level; Bicameral Congress |
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| The branch of the United States government that is responsible for carrying out the laws made passed by congress and signed by the President at the Federal (National) level, and signed by the Governor at the State level; The President's and Governor’s cabinet and agencies; The national guard is order in to ensure that African American students are allowed to go to traditionally white schools to ensure their safety during the civil rights movement. |
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| A legislative act proposing to authorize the expenditure of public funds for a specified purpose; Spending Bill; The Banking 700 Billion Dollar Bailout Bill |
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| refers to a tax levied by various levels of government on the profits made by corporations; Tax on Wal-Marts profits |
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| A tax paid directly by the person or organization on whom it is levied; capital gain tax, or Greensboro hotel tax; If you sell stock for more money than you bought it for there is a tax on that profit |
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| Money paid in order to use a facility at the State, Local, or Federal Level; Paying a toll to use a road, or a paying money to go to the top of the Washington Monument; A way to make people PAY AS YOU USE something instead of taxing everyone |
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| Tax on imports; Tax on steel imports; The tax on imports is a protectionist policy that tries to help domestic producers of goods by giving them a price advantage because the import tax is passed on to the consumer that is trying to purchase the foreign good |
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| Welfare program in the U.S. that includes old-age and survivors insurance and some unemployment insurance and old-age assistance pay to citizens; Forced retirement savings that all Americans are entitled to if they paid into it; If the government doesn't pay senior citizens will go insane on politicians! |
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| Spending money raised by borrowing used by governments to stimulate their economy; Selling bonds to raise money; Government spending of funds that they had to get a loan for |
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| Document giving the tax collector information about the taxpayer's tax liability; IRS returns; May get money back or have to pay extra taxes |
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| When current expenditures are equal to receipts; When the government appropriates the same amount of money as they make in taxes |
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| A certificate of debt, usually with interest to be repaid, that is issued by a government or corporation in order to raise money; Way for the government to deficit spend; The Fed sells them to raise deficit money for the government |
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| A regulation or policy that restricts the amount of imports another county can trade; |
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| Tax on purchases which are in addition, or separate from, the state tax on purchases; N.C. purchase tax is 4.5% plus an addition 2.75 % from Guilford County on purchases for a total of 6.75% |
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| State and Municipal Bonds |
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| These are issued by states, cities, and counties, or their agencies to raise funds; Voters decide yes to a Greensboro Parks And Rec Bond to approve $205 million in bonds this election |
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| Proposed by the Governor, then sent to the State House, then to the State Senate, and finally back to the Governor to be signed; How our state pays for services |
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| Proposed by the President, then sent to the House, then to the Senate, and finally back to the President to be signed; How the U.S. government pays for services |
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| A legal document giving official permission to do something, which must be paid for; A permission tax |
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