POLS 206 41911

POLS 206...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
POLS 206 4/19/11 Chapter 15 The Congress, the President, and the Budget: The Politics of Taxing and Spending Introduction *-Budget: -A policy document allocating burdens (taxes) and benefits (expenditures) *-Deficit: -An excess of federal expenditures over federal revenues -Expenditures: -What the government spends money on -Revenues: -Sources of money for the government Sources of Federal Revenue -Income Tax -Shares of individual wages and corporate revenues -The 16 th Amendment permitted Congress to levy an income tax -Individual taxes are the largest single revenue source for the government -Income tax is progressive: Those with more income pay higher rates of tax on their income -Social Insurance Taxes -Taxes for specific funds: Social Security and Medicare -Borrowing -The Treasury Department sells bonds-this is how the government borrows money -The federal debt is the sum of all the borrowed money that is still outstanding -The government competes with other lenders -The government does not have a capital budget
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/21/2012 for the course POLS 206 taught by Professor Someonethatwasjusttryingtogettheirdoctorate during the Spring '06 term at Texas A&M.

Page1 / 2

POLS 206...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online