Sources of Federal Revenue. Luke He, Janet Mao, Niki Phung , Akhil Anil. Basic Vocabulary. Budget : a policy document allocating burdens (taxes) and benefits (expenditures) Deficit : an excess of federal expenditures over federal revenues
Luke He, Janet Mao, NikiPhung, Akhil Anil
-1895: ruled unconstitutional in Pollock v. Famer’s Loan and Trust Co. by the Supreme Court.
-1913: Congress added the Sixteenth Amendment: explicitly permitted Congress to levy an income tax.
-endorsed by Obama: cut 95% of income taxes for middle class families, plans to raise income taxes for higher-paid families
-endorsed by Romney: plans on 20% individual, 25% corporation
Rachel Kim, Nathalie Murphy, Susan Yoon
I need help! I’ve fallen, and I can’t get up!
-little attention on the base(amounts of money agencies had before)
-agencies assume that they will have at least what they had before
- a lot of attention on propose increments
-budget tends to grow each year
(ex) Social Security
-so it’s hard to go over in detail annually
-takes up 2/3 of budget
(ex) pensions, interest on debt
(ex) Social Security benefits, agricultural subsidies, veterans’ aid
-spend $800 billion per year