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Mastering the Federal Budget: Key Terms and Insights for Government Success

Gain a comprehensive overview of the federal budget, including important terms like deficit spending, revenue sources, and expenditure categories. Understand the impact of taxes, entitlement programs, and uncontrollable spending. Prepare for tests with tips and insights on critical budgetary concepts.

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Mastering the Federal Budget: Key Terms and Insights for Government Success

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  1. Gov Review Video #41: The Budget - A brief Intro Everything You Need To Know About The Budget To Succeed In Gov.

  2. Important Terms Associated With The Budget • 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

  3. 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

  4. 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

  5. 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.

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

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

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