A situation in which budget expenditures exceed revenues

A tax for which the percentage of income paid in taxes increases as income increases.

A tax on the total value of the money and property of a person who has died.

Social welfare program that people are “entitled to” benefit from if they meet certain eligibility requirements.

A tax based on real estate and other property.

A required payment to a local, state, or national government.

Spending about which Congress is free to make choices.

A tax for which the percentage of income paid in taxes decreases as income increases.

A school of thought based on the idea that the supply of goods drives the economy

A tax on the money or property that one living person gives to another.

A tax for which the percentage of income paid in taxes remains the same at all income levels.

The use of government spending and revenue collection to influence the economy

The income received by a government from taxes and other nontax sources.

Taking tax payments out of an employee’s pay before he or she receives it.

Spending that Congress is required by existing law to do.

A tax based on goods or services that are sold.

A school of thought based on the idea that demand for goods drives the economy

A situation in which budget revenues exceed expenditures

A fiscal policy used to encourage economic growth, often through increased spending or tax cuts

A fiscal policy used to reduce economic growth, often through decreased spending or higher taxes