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Cornell Notes:

Cornell Notes:. Unit: The Presidency Topic: The Federal Budget Process Guiding Question: How does the government manage money to conduct affairs?. Budget Basics.

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Cornell Notes:

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  1. Cornell Notes: • Unit: The Presidency • Topic: The Federal Budget Process • Guiding Question: How does the government manage money to conduct affairs?

  2. Budget Basics • 18 Months before the fiscal year the federal agencies propose individual budget needs to President’s Office of Budget and Management • The President then sends the budget to Congressional Budget Committees • The Congressional Budget Office analyzes the numbers in the budget. The CBO is non-partisan budget analysis group in the Congress. • The Congress votes on the budget.

  3. Types of Taxes • Income Taxes—People are taxed on the basis of how much they make. This is called a progressive tax system. (A flat tax is an example of a regressive tax system.) • Payroll Tax—Taxes deducted from the payroll for federal entitlement programs such as Medicare, social security, and unemployment insurance. • Corporate Income Taxes—Taxes on corporate Profits • Excise Taxes—Taxes on specific manufactured products. (Sin taxes are examples of excise taxes—taxes on cigarettes, alcohol, gambling, etc…)

  4. 2010 Federal Tax Rate Progressive Tax: People who have a higher income pay a higher tax Regressive Tax: People pay the same tax rate regardless of income Disposable Income: Money that is not used for basic necessities such as food, shelter, or medical expenses.

  5. Journal Topic: Fair Taxes • Some people argue that we should have a flat tax which means we would tax everyone the same. What is your opinion of this?

  6. Debt vs. Deficit • The debt is the total amount of money the federal government owes to banks or individuals. • The government borrows money by selling bonds. • The deficit is the negative difference between the total revenue in taxes and expenditures for a fiscal year.

  7. Federal Expenditures • Top three areas of expenditure are Medicare, social security, and national defense.

  8. Journal Topic: Scary Federal Debt Facts • http://www.cbsnews.com/8301-505144_162-57376464/12-scary-debt-facts-for-2012/ • Task: Go to this website, read the article and write a reflection regarding your thoughts, concerns, questions, in a journal response.

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