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a tax in which all income levels are taxed at the same rate.

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A progressive tax is a tax in which the tax rate increases as the taxable amount increases.

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a tax system where the tax rate decreases as the taxable amount (income or property value) increases.

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individuals should be taxed based on the benefits they receive from government services

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a principle holding that taxes should be levied according to one's ability to pay them.

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What is the dollar value of all government revenue to date? 2.26 trillion dollars

What is the largest category of income for the Federal Government? individuals income tax

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What is the amount that the government has spent to date? 3.57 trillion dollars

What are the largest areas of spending for the federal government? Social Security, Medicare/Medicaid, and National Defense.

What is the difference between Mandatory and Discretionary Spending?

Mandatory spending is dictated by existing laws, meaning Congress doesn't need to vote on it annually. Discretionary spending is funded through an annual appropriations process, meaning Congress must vote each year to approve funding levels

What is the largest area of non-defense spending for the Federal Government?

Economic Security and Social Services

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Where does the State receive most of its funding?

tax collections, primarily from personal income and general sales taxes.

What percentage of the State Revenue for from General Tax sources? 47%

What Sources of Revenue exist that are exclusive to the State level of government, compared to local governments? state income taxes, sales taxes, and selective sales taxes

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What areas of spending were the largest in the state budget? Provide the top 3 Categories. education, healthcare and transportation

What percentage of money was spent on education? 21%

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Where does the Locality receive most of its funding? taxes, intergovernmental transfers, user charges, and fees

How much did Allendale earn through Taxes?

roughly 30 million dollars

What Sources of Revenue exist that are exclusive to the Local level of government, compared to State governments? property taxes

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What areas of spending were the largest in the Local budget? education, public welfare, and health and hospitals.

How much money was received by Allendale from the State Government? $17,302,164

What would likely be counted in the “Recreation and Culture” section of the local budget? expenses related to libraries, parks, and recreational facilities, cultural services, and special events.

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What similarities and differences are there between State and Local Sources of Revenue?

Both rely on various tax sources, but their specific revenue mix and priorities differ

What similarities and differences are there between State and Local Spending? State and local governments share some similarities in how they are funded and the types of services they provide

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the use of government spending and taxation to influence the economy

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What are the key steps to the U.S. Budget Process?

1) The President submits a budget request to Congress.

2) Congress reviews and modifies the budget, typically through congressional budget resolutions.

3) Congress creates appropriations bills to fund specific programs.

4) The House and Senate vote on the appropriations bills, and the bills are sent to the President.

5) The President signs the appropriations bills, making them law and completing the budget process.

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Definition: a macroeconomic policy designed to stimulate economic growth by increasing aggregate demand.

Examples: stimulus checks, infrastructure projects, and tax cuts.

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Defanition: a measure, typically by a central bank or government, to reduce overall demand and slow down economic growth, often to combat inflation

Examples: increasing interest rates, raising reserve requirements for banks, and selling government securities to the public.

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Some of the issues with Fiscal Policy include political constraints, potential crowding out of private investment, time lags in implementation, and the possibility of exacerbating inflation and debt.

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the control of the quantity of money available in an economy and the channels by which new money is supplied.

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Definitions: the purchase and sale of securities in the open market by a central bank

Examples: if the Fed wants to increase the money supply, it might buy Treasury bonds from banks, injecting reserves into the banking system and encouraging lending.

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Definition: adjustments made to the interest rate at which banks can borrow money from the central bank.

Examples: borrowing from another bank

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Definition: adjustments made to the percentage of deposits banks are legally required to keep on hand in reserve, either in their vaults or with the Federal Reserve

Examples:A decrease in the reserve requirement, for example, allows banks to lend out more, increasing the money supply and potentially lowering interest rates.

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Explain how the FFR is used

Why and how does the IORB influence banks? The FFR is used to guide monetary policy, while the IORB influences banks by providing a risk-free investment option, thus acting as a floor for the FFR.

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Explain some of the issues/problems with Monetary Policy

Its effects can be imprecise and delayed, with long and variable lags between policy changes and their economic impact.