lesson 8.0 by Annalise Goulding https://padlet.com/annalise_goulding/4wda6sdbjofp Made with good vibes en-us 2019-05-06 19:45:30 UTC 2023-03-01 03:25:00 UTC hello@padlet.com How does the government raise and allocate money? annalise_goulding https://padlet.com/annalise_goulding/4wda6sdbjofp/wish/357368488 -The ways in which the federal government collects and spends money reflect many economic goals. The nation’s budget is its plan for how much revenue it expects to take in and how it plans to spend money.
-When revenue and spending are equal, the budget is balanced. When there is extra money left, it is called a budget surplus.
-The department secretaries send their spending plans to the director of the Office of Management and Budget (OMB), which functions as part of the Executive Office of the President.
-Congress takes the president’s proposals and makes final budget decisions. Article I, Section 9, of the Constitution requires that Congress approve all federal spending.
-Once the budget is approved and Congress has appropriated the funds, it becomes the responsibility of executive branch officials to manage the money their departments have been given. They must keep track of their expenditures and revenues.
-About 70 percent of the federal budget consists of what are called uncontrollables. Uncontrollables are expenditures required by law or resulting from previous budgetary commitments. Most uncontrollables are direct benefit payments and interest payments on the national debt.]]> 2019-05-06 19:45:54 UTC https://padlet.com/annalise_goulding/4wda6sdbjofp/wish/357368488 How does the government raise and allocate money Cont. annalise_goulding https://padlet.com/annalise_goulding/4wda6sdbjofp/wish/357369355 - Excise taxes are taxes on the manufacture, transportation, sale, or consumption of goods and the performance of services—gas and cigarette taxes are excise taxes
- The federal government imposes excise taxes to raise revenue or to protect domestic business and agriculture from foreign competition.
-A high customs duty is called a protective tariff and is often popular with business, labor, and farm groups.
-The income tax is a progressive tax. This means that people with higher incomes pay a larger share of their income in tax than do people with lower incomes. A regressive tax would make people with lower incomes pay a larger share of their income in taxes than people with higher incomes.
-Throughout the year, employers take money out of workers’ paychecks and send it to the federal government. This withholding pays the anticipated taxes owed. Then at the end of the year, nearly everyone who had an income that year must file a report with the federal government—a tax return.
-Tax deductions, exemptions, and credits function as a government subsidy to encourage a type of behavior or activity. Tax deductions for home mortgage interest, for example, encourage people to buy homes

]]> 2019-05-06 19:48:44 UTC https://padlet.com/annalise_goulding/4wda6sdbjofp/wish/357369355 annalise_goulding https://padlet.com/annalise_goulding/4wda6sdbjofp/wish/357370189 2019-05-06 19:51:12 UTC https://padlet.com/annalise_goulding/4wda6sdbjofp/wish/357370189