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A proportional tax is a tax that makes the same percentage from ever single American paying taxes.

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A progressive is one where as income increases, the percentage of income paid out as taxes also increases.

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A regressive tax is a tax that takes a larger share in taxes from low income households

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Those who are going to benifit from the taxes that the government collects should be the ones to pay for it.

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The belief that people should be taxed according to their "Ability to pay."

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- Where does the state receive most of its funding?
The state receives most of its fundings from taxes.

- What percentage of the State Revenue for 2019 is from Individual Income Taxes?
The percentage of the State Revenue for Indivdual Income Taxes is 13%

- What Sources of Revenue exist that are exclusive to the State level of government, compared to local government.

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- What percentage of the State Revenue for 2019 is from Individual Income Taxes?
The percentage of the State Revenue for Individual Income Taxes is 13%

- What percentage of the money was spent on education?
Taxpayers only paid 0.32% on education funds while the State and local funds spent 3.76%

- What percentage of the money was spent on the roads?
Only 24% of all of the spending was spent on the roads.

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Definition: When the government uses taxation and public spending in order to control the total demand of public goods and services for the economy.

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- What are the key steps to the U.S. Budget Process?  Provide 5 key steps, beginning and ending with the President
• President Budget Request
* Budget Resolution
* Appropriation Bills
* Authorization Bills
* Revenue Measures

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Definition: What the Federal Reserve, the nations bank, does to influence the amount of money and credit in the U.S. economy.

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- Where does the Locality receive most of its funding? Provide the three largest categories
* Mandetory Spending
* Discrestionary Spending
* Interest on Debt

- What percentage of the Local Revenue for 2020 is from Property Taxes?
Property taxes are the primary source of tax collections at the local level, responsible for 72.2 percent of local tax revenue in fiscal year 2020

- What Sources of Revenue exist that are exclusive to the Local level of government, compared to State governments?
They mostly come from property, sales, and a bunch of other taxes.

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- What areas of spending was the largest in the Local budget?
* Education
* Health
* Service Program

- How much money was received by Allendale from the State Government?
Allendale recieved a little more than $321 million

- What would likely be counted in the “Recreation and Culture” section of the local budget?
I think parks and museums would count as recreation and culture.

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- What similarities and differences are there between State and Local Sources of Revenue?
State revenue gets its money from taxes, while local revenue comes from internal debt, etc.
- What similarities and differences are there between State and Local Spending?
State Spending barely pays for education while local
spending spent about $321 million on education.

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Definition: Fiscal policy that increases aggregate demand directly through an increase in government spending

Example: Tax Cuts

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Definition:
Contractionary fiscal policy is when the government either cuts spending or raises taxes.
Example: Decrease government spending

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Fiscal policy can be swayed by politics and placating voters, which can lead to poor decisions that are not informed by data or economic theory.

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Definition: Open Market Operations is when the purchase and sale of securities in the open market by a central bank

Example: The Federal Reserve Bank

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Definition: Future cash flows are reduced by the discount rate, so the higher the discount rate the lower the present value of the future cash flows.

Example: When other interests rate rises

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Definition: Reduces the volume of deposits that can be supported by a given level of reserves
Example: If a financial institution holds $1,000,000 in deposits and the reserve ratio is set at 10%, then the minimum cash reserve the financial institution needs to maintain is $100,000

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Definition:
The IORB is the rate of interest that the Federal Reserve pays on balances maintained by or on behalf of eligible institutions in master accounts at Federal Reserve Banks.
Example: If the federal funds rate is lower than the IORB rate, banks will borrow in the federal funds market and deposit those funds at the Fed to earn a profit on the interest rate differential

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The issue with the Fed would be responding to past economic conditions with policies that are not likely to affect the economy for a year or more.