Government generates most of its revenue from customs
https://www.taxpolicycenter.org/briefing-book/what-are-sources-revenue-federal-government
Most government receipts (revenues) come from various taxes.
https://www.taxpolicycenter.org/briefing-book/what-are-sources-revenue-federal-government
Business and Corporate taxes are the greatest revenue source for the federal government. https://www.taxpolicycenter.org/briefing-book/what-are-sources-revenue-federal-government
The federal income tax is a proportional tax.
Payroll taxes include the federal income tax, as well as payments of the Social Security tax and Medicare.
https://taxfoundation.org/what-are-payroll-taxes-and-who-pays-them/
Defense spending is the greatest expenditure in the federal budget (As of 2021)
https://www.nationalpriorities.org/budget-basics/federal-budget-101/spending/
Sales tax is the greatest revenue source for state and local governments.
https://taxfoundation.org/sources-state-and-local-tax-revenues/
State and local police as well as correction facilities are the greatest expenditure for state and local governments.
A payment made by the federal or state government without receiving a good or service in return is a transfer payment.
Government Deficit and Government Debt are two terms that can be used as synonyms.
The two types of federal spending are discretionary and mandatory (automatic).
https://www.nationalpriorities.org/budget-basics/federal-budget-101/spending/
A marginal tax rate is the extra tax dollar paid on the additional income earned in a given time frame.
https://www.investopedia.com/terms/m/marginaltaxrate.asp
The US tax system is base on three principles of taxation: ability to pay principle, benefit principle...which are principles focused on equity. http://econperspectives.blogspot.com/2008/12/equity-of-tax-system.html
There are three types of taxes: progressive, regressive, and proportional tax.
The federal income tax is a progressive tax.
https://www.taxpolicycenter.org/briefing-book/are-federal-taxes-progressive
Automatic Stabilizers are fiscal spending or taxation that does NOT require Congressional or Presidential Approval! These are mandatory forms of fiscal spending or taxation.
Discretionary Stabilizers are fiscal spending or taxation that DO require Congressional or Presidential Approval! These are discretionary forms of fiscal spending or taxation.
When the government cuts personal income tax rates this is a type of tool.
When the government eliminates favorable tax treatment on long term capital gains this is a type of tool.
Income rise; as a result, people pay a larger fraction of their income in taxes.
As a result of a recession, more families qualify for food stamps and welfare benefits.
The government eliminates the deductibility of interest expense for tax purposes.
The government launches a major new space program to explore Mars.
The government raises Social Security taxes.
Corporate profits increase; as a result, the government collects more corporate income taxes.
The government raises corporate income tax rates.
The government gives all its employees a large pay raise.
When tax revenue > spending for a single year, this called a budget
When tax revenue < spending for a single year, this called a budget
When tax revenue = spending for a single year, this called a
When we add up ALL of the deficits and surpluses from all prior years, we get national