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CH. 14 Congress, Pres and the Budget Money money monay Monay!

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Presentation on theme: "CH. 14 Congress, Pres and the Budget Money money monay Monay!"— Presentation transcript:

1 CH. 14 Congress, Pres and the Budget Money money monay Monay!

2 Essential Question  Who bears the burdens of paying for the government?  Who receives the benefits?

3 Budgeting  Every year, Congress and President have to set up a budget (Constitution)  Budget: policy document allocating burdens(taxes) with benefits(expenditures)  “Series of goals with price tags attached”

4 No more money  Deficit: when the government spends(expenditure) more than they receive(revenue)  Expenditure: Gov’t spending  Revenue: Financial resource of gov’t  Income tax and Social Security tax are the largest revenues.

5 How do we get money?  Income tax: shares of individual and corporate wages collected by government  Made legal by the 16 th Amendment (1913)  Originally income tax appeared during the Civil War  Pollock v. Farmer’s Loan and Trust Co. (1895) declared that unconstitutional

6 Income Tax  In general is a progressive tax  The more you make, the more you pay.  Some people want a “flat” tax  Ex: All people pay a 10% tax  Others suggest a national sales tax.  Taxes on goods you purchase.


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