“Tax reform means, 'Don't tax you, don't tax me. Tax that fellow behind the tree.” ― Russell B Long “In this world nothing is certain but death and taxes.”

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Presentation transcript:

“Tax reform means, 'Don't tax you, don't tax me. Tax that fellow behind the tree.” ― Russell B Long “In this world nothing is certain but death and taxes.” ― Benjamin Franklin “I like to pay taxes. With them, I buy civilization.” ― Oliver Wendell Holmes Jr. “A democracy cannot exist as a permanent form of government. It can only exist until the people discover they can vote themselves largess out of the public treasury. From that moment on, the majority always votes for the candidate promising the most benefits from the public treasury, with the result that democracy always collapses over a loose fiscal policy--to be followed by a dictatorship.” ― Alexander Fraser Tytler

AGENDA January 9/10, 2014 Today’s topics  Chapter 16: Financing the U.S. Government  Chapter 16 Quiz Administrative  The Road Ahead… Homework  None  …or Prepare for Chapter 16 Quiz

The Road Ahead… Upcoming Dates… January 14/16After school study & review sessions January 16/17Unit 4 Guide due January 17Portfolio EXTRA CREDIT option due at 3:00 p.m.

Learning Goals Unit 4 Guide How should the government spend taxpayers’ money? On what does the federal government spend the most money? (top five categories and amounts) How would you change these budget priorities? Understand all Unit 4 concepts and Glossary terms Explain and apply all Glossary terms and related concepts

Chapter 16 Section 1: Taxes and Other Revenue Section 2: Borrowing and the Public Debt Section 3: Spending and the Budget Section 4: Fiscal and Monetary Policy

Chapter 16: Taxes and Other Revenues What are the major sources of revenue (income) for the federal government?

Taxes Income tax Brackets Progressive tax

Taxes Payroll taxes Social Security Medicare Unemployment insurance Regressive tax

Taxes Estate tax

Chapter 16: Borrowing & Public Debt Interest Deficit Public Debt

Deficit & Surplus

Surplus & Deficit

U.S. Debt Clock

Chapter 16: Spending What are the five major categories of spending for the federal government?

Chapter 16: Spending Entitlements Controllable spending (Discretionary spending) Uncontrollable spending (Non-discretionary spending or Mandatory spending) Continuing resolution

Creating the Federal Budget The PRESIDENT proposes a budget outlining the administration’s policy priorities. The president’s proposal is submitted to Congress. The House and Senate work individually (Budget Committee hearings/votes followed by a floor vote in each house), then together (in a conference committee), to pass a Budget Resolution. The House and Senate work individually (Appropriations Committee hearings/votes followed by a floor vote in each house), then together (in a conference committee), to pass each appropriations bill. As CONGRESS passes appropriations bills, they are presented to the PRESIDENT for his signature/veto. Congress must pass a Continuing Resolution to fund the government if appropriations bills are not passed on time

Chapter 16 Section 4: Fiscal and Monetary Policy Gross Domestic Product (GDP) Inflation Recession Fiscal policy Monetary policy

Chapter 16

Homework Before you leave  Pick up your belongings  Straighten up your area Homework  Prepare for Chapter 16 Quiz Reminders:  January 16/17Unit 4 Guide due  January 17Portfolio EXTRA CREDIT option due at 3:00 p.m.