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 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
Question 14
14.
There are three types of taxes: progressive, regressive, and proportional tax.
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.
Question 16
16.
When the government cuts personal income tax rates this is a type of __________ tool.
Question 17
17.
When the government eliminates favorable tax treatment on long term capital gains this is a type of__________ tool.
Question 18
18.
Income rise; as a result, people pay a larger fraction of their income in taxes.__________
Question 19
19.
As a result of a recession, more families qualify for food stamps and welfare benefits.__________
Question 20
20.
The government eliminates the deductibility of interest expense for tax purposes.__________
Question 21
21.
The government launches a major new space program to explore Mars.__________
Question 22
22.
The government raises Social Security taxes.__________
Question 23
23.
Corporate profits increase; as a result, the government collects more corporate income taxes.__________
Question 24
24.
The government raises corporate income tax rates.__________
Question 25
25.
The government gives all its employees a large pay raise.__________
Check these out!
https://www.usdebtclock.org/
https://www.usdebtclock.org/world-debt-clock.html
Question 26
26.
When tax revenue > spending for a single year, this called a budget _______ .
Question 27
27.
When tax revenue < spending for a single year, this called a budget _______ .
Question 28
28.
When tax revenue = spending for a single year, this called a _______ budget.
Question 29
29.
When we add up ALL of the deficits and surpluses from all prior years, we get national _______ .