Government spending and taxing by Kit Cat https://padlet.com/catieblueeyes/so_close Made with a monkey, a banana, and a Gameboy en-us 2017-05-12 02:52:28 UTC 2025-10-17 02:52:47 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Growing.png Budget Surplus catieblueeyes https://padlet.com/catieblueeyes/so_close/wish/171400806 Surplus is when the government brings in more money than it spends. unfortunately that last time we had surplus in a fiscal year was 2001, this was the year George W. Bush took office.  ]]> 2017-05-12 02:55:19 UTC https://padlet.com/catieblueeyes/so_close/wish/171400806 Budget Deficit catieblueeyes https://padlet.com/catieblueeyes/so_close/wish/171401159 When the government spends more than it brings in. Also produces debt. ]]> 2017-05-12 02:58:53 UTC https://padlet.com/catieblueeyes/so_close/wish/171401159 Forever changing debt clock catieblueeyes https://padlet.com/catieblueeyes/so_close/wish/171401283 2017-05-12 03:00:21 UTC https://padlet.com/catieblueeyes/so_close/wish/171401283 vocab catieblueeyes https://padlet.com/catieblueeyes/so_close/wish/171401349 Expenditure- the action of spending funds ex. interest on national debt
Revenue- collected by the government as taxes; used to create a budget
Entitlement- ​benefit required by law, including government pension
"Uncontrollables"- mandatory spending written into laws; ex. interest payments on federal debt, subsides, social security, medicare
Discretionary spending- the things the government is not required to spend money on; ex. defense, medicaid, department of education]]> 2017-05-12 03:01:09 UTC https://padlet.com/catieblueeyes/so_close/wish/171401349 Debt catieblueeyes https://padlet.com/catieblueeyes/so_close/wish/171401899 Some people say "lets just cut spending" but this is hard because of the mandatory and discretionary spending. there are laws requiring money to be spent on things such as social security and the only way to change this would be to change the law which would have a huge affect on our economy. Another way to fix this would be to raise taxes but that makes a lot of people made and leads to the increase in prices on almost everything. ]]> 2017-05-12 03:08:30 UTC https://padlet.com/catieblueeyes/so_close/wish/171401899 Income tax catieblueeyes https://padlet.com/catieblueeyes/so_close/wish/171402129 This is the main source of revenue for the government. It is imposed on any income. Right now this is split into brackets which decide how much you pay. This is what you deal with for the taxes due on April 15th every year. ]]> 2017-05-12 03:12:20 UTC https://padlet.com/catieblueeyes/so_close/wish/171402129 catieblueeyes https://padlet.com/catieblueeyes/so_close/wish/171402342 2017-05-12 03:15:56 UTC https://padlet.com/catieblueeyes/so_close/wish/171402342 catieblueeyes https://padlet.com/catieblueeyes/so_close/wish/171402349 2017-05-12 03:16:05 UTC https://padlet.com/catieblueeyes/so_close/wish/171402349 The Executive Branch is responsible for the federal budget. catieblueeyes https://padlet.com/catieblueeyes/so_close/wish/171402363 But it has to be approved by Congress. ]]> 2017-05-12 03:16:17 UTC https://padlet.com/catieblueeyes/so_close/wish/171402363 catieblueeyes https://padlet.com/catieblueeyes/so_close/wish/171402388 2017-05-12 03:16:38 UTC https://padlet.com/catieblueeyes/so_close/wish/171402388