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

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Presentation transcript:

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 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

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 siXteen = taX

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

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.

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

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