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Definition
| budget in which expenses equal revenues. |
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| borrowing money on a promise to repay a set amount by a later date by the government. |
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| government spending while running a budger deficit; part of Keynesian fiscal policy. |
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| spending more money than it earns. |
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| monetary punishment, usually for smaller legal infractions. |
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| government spending and taxation to foster economic growth and keep unemployment and prices down. |
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Term
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| tax on the earnings of individuals or businesses. |
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Term
| Internal Revenue Suervices (IRS) |
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Definition
| federal taxing authority. |
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Term
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| list of spending and revenues for the federal government. |
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Term
| Sources of government revenue |
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Definition
| are various types of taxes, user fees, tariffs, fines, and government bonds. |
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| a charge usually of money imposed by authority on persons or property for public expenses. |
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| taxing all members of a group at the same rate. |
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| tax that takes a higher percentage of income as income decreases. |
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| income for the government. |
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Definition
| having higher revenues than expenditures. |
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Definition
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| citizens and businesses file a tax return which show earnings and deductions for the preceding year. Tax returns are used to determine the income tax. |
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| payment for the use of a public service. |
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Term
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Definition
| tax rates rise as income rises. |
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