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Gov Review Video #41: The Budget - A brief Intro

Gov Review Video #41: The Budget - A brief Intro. Everything You Need To Know About The Budget To Succeed In Gov. Important Terms Associated With The Budget. Budget: Government expenditures in a given year - in the trillions of $$$$ Deficit Spending: When spending exceeds revenues

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Gov Review Video #41: The Budget - A brief Intro

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  1. Gov Review Video #41: The Budget - A brief Intro Everything You Need To Know About The Budget To Succeed In Gov.

  2. Important Terms Associated With The Budget • Budget: • Government expenditures in a given year - in the trillions of $$$$ • Deficit Spending: • When spending exceeds revenues • 2016 deficit was $500 billion • Total debt is $19.9 trillion! • USdebtclock.org • Balanced Budget: • When the government spends as much as it brings in

  3. Federal Taxes siXteen = taX • Income Tax: • 16th amendment - graduated income tax • largest source of revenue • Corporate Taxes: • Taxes on corporations • Social Security Taxes: • Employees AND employers pay 6.2% on Social Security taxes • Medicare = 1.45 % tax • More than 30% of tax revenues

  4. Federal Taxes • Excise Taxes: • 1st was under Hamilton’s financial plan - whiskey • Taxes on gas, alcohol, tobacco, etc. • Around 3% of revenues • Estate Taxes: • Tax on wealth when someone dies and leaves it to someone else • Customs Duties (tariffs) • Once the largest source of revenue • Roughly 1% of revenues

  5. Federal Spending • Most federal spending is uncontrollable: • Difficult to change - entitlement programs benefit many individuals • Social Security, Medicare, Medicaid, are all examples • With more baby boomers retiring, spending on Social Security and Medicare will only increase • Discretionary Spending: • Includes programs such as defense, education, etc.

  6. Test Tips • Multiple-Choice: • Deficit Spending • Social Security • Free Response: • Issues with Social Security in the coming years

  7. See You Back Here For Video #42: Making The Federal Budget • Thanks for watching • Best of luck!

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