American Government Chapter 16 2023 with verified questions and answers

progressive tax tax that has a higher rate for a higher income entitlement benefit that federal law says must be paid to those who meet the eligibility requirements Examples: OASDI or social security, Medicare, food stamps veterans' pension estate tax levy or tax imposed on the assets of one who dies continuing resolution A measure which allows agencies to continue working based on the previous year's appropriations tax return declaration of taxable income, exemptions, and deductions claimed payroll tax a tax imposed on nearly all employers and their employees, and on self-employed persons-the amounts owed by employees withheld from their paychecks. surplus more income than spending gift tax a tax on a gift by a living person; tax levied on money or property given by one living person to another payroll tax a tax imposed on nearly all employers and their employees, and on self-employed persons-the amounts owed by employees withheld from their paychecks . custom duty A tax laid on goods brought into the United States from abroad, also known as tariffs, import duties or imposts. interest A charge levied for borrowing money, generally a percentage of the amount borrowed. regressive tax A tax that is set at a flat rate, without regard for income or the ability to pay uncontrollable spending spending that Congress and the President have no power to change directly. Social Security benefits, food stamps are an example of excise tax A tax laid on the manufacture, sale, or consumption of goods and or the performance of services exports The Constitution prohibits taxes on these, but not imports. income tax a tax levied on the income of individuals and/or corporations The largest source of federal revenue today deficit the yearly shortfall between revenue and spending. public debt all of the money borrowed by the government and not yet repaid, plus the accrued interest on that money; also called the national debt or federal debt. controllable spending an amount decided upon by Congress and the President to determine how much will be spent each year on many individual government expenditures, including environment protection programs, aid to education, and so on