Government spending is divided into all of the following categories, except: A) welfare spending B) discretionary spending C) mandatory outlays D) interest payments
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Government spending is divided into all of the following categories, except:
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- Which of the following government spending categories falls into the discretionary category social security payments salaries of employees of the Bureau for Economic Analysis medicaid payments SNAP payments (suuplemental nutrition assistance program, colloquially known as food stamps)Social Security taxes are regressive because :they apply only to rich people. they are applied to retired people only. they are not applied to income beyond a certain amount. they are applied to welfare recipients.There are two individuals in a society. The federal income tax in this society is such that that the first $20,000 of income is taxed at 10% and income above that is taxed at 30%. The federal government allows taxes paid to local governments to be deducted. Peter earns a gross income of $53,000, and Sandy earns a gross income of $65,000. Out of his income, Peter pays $3,000 in local taxes; out of her income, Sandy pays $5,000 in local taxes. Which of the following statements is true? a. Peter’s total (local + federal) tax bill is greater than Sandy’s total tax bill. b. The federal tax system is progressive. c. The federal tax system is proportional. d. The federal tax system is regressive
- There are two individuals in a society. The federal income tax in this society is such that that the first $20,000 of income is taxed at 10% and income above that is taxed at 30%. The federal government allows taxes paid to local governments to be deducted. James earns a gross income of $40,000, and Jane earns a gross income of $65,000. Out of his income, James pays $1,000 in local taxes; out of her income, Jane pays $20,000 in local taxes. Which of the following statements is true? a. The federal tax system is proportional. b. James’ total (local + federal) tax bill is greater than Jane’s total tax bill. c. The federal tax system is regressive d. The federal tax system is progressive.There are two individuals in a society. The federal income tax in this society is such that that the first $20,000 of income is taxed at 10% and income above that is taxed at 30%. The federal government allows taxes paid to local governments to be deducted. James earns a gross income of $40,000, and Jane earns a gross income of $65,000. Out of his income, James pays $1,000 in local taxes; out of her income, Jane pays $20,000 in local taxes. Which of the following statements is true? A.The federal tax system is progressive. B.James’ total (local + federal) tax bill is greater than Jane’s total tax bill. C.The federal tax system is proportional. D.The federal tax system is regressiveFor the U.S. government, which of the given is NOT an example of discretionary spending? defense spending science spending Medicaid Medicare For the U.S. government, which of the given is NOT an example of mandatory spending? Medicare education spending Social Security interest on the national debt Which type of spending currently takes up a larger proportion of the U.S. federal budget? Mandatory spending and discretionary spending take up an equal amount. mandatory spending discretionary spending
- The following levels of government determine a budget each year to show how much revenue the government expects to receive in taxes and other income and how the government plans to spend it: A, B, C, OR D a Federal only b State and federal only c Federal, state, and local d Local onlyFederal and local governments tax and spend. The following pie charts show the allocation of federal and local government expenditures in 2016. True or False: Pensions and income security make up the largest share of federal expenditures.Government purchases in national income accounts would include expenditures for payments of: Multiple Choice public assistance for welfare recipients. Social Security checks to retirees. public assistance for military veterans. salaries for current U.S. military officers.
- Match the term to the definition: Government spending is less than tax revenue for the fiscal year Government spending is greater than tax revenue for fiscal year A. Budget Deficit B. Budget SurplusWhich of the following is NOT counted in the "G" component of spending a. social security payments to retirees b. the federal government purchases three new military fighter planes c. the city government pays the salaries of teachers d. the state government spends $100 million building a new section of highwayExcise taxes on tobacco and alcohol and state sales taxes are often criticized for being regressive. Although everyone pays the same rate regardless of income, why might this be so?
