Unit 5: Taxes

1. House and senate subcommittees set funding for each program through appropriations bills.
3. higher income equals higher income taxed percentage
5. is the time period for spending and taxing.
9. The budget returns to the president for their signature before it becomes law.
10. Lawmakers release their own budget plans and set overall spending levels.
13. Spending for entitlement programs.
16. A sales tax on specific items like gas, tobacco, and alcohol.
18. House and senate members come together to resolve differences in their appropriations bills.
21. Federal tax paid by the person who gives gifts
22. Part of FICA that provides healthcare to seniors regardless of income.
23. State and Local tax of the value of property.
24. Taxes paid to the national government as a percentage of corporate profits. Some states also charge corporate income taxes.
25. sometimes called a flat tax

2. The president submits a budget request to Congress.
4. A major source of revenue for the federal government.
6. Taxes paid on purchases.
7. Taxes collected to fund social insurance programs such as social security, medicare, unemployment insurance, etc.
8. higher income equals lower income taxed percentage
11. 2nd largest source of revenue for the federal government
12. Taxes collected from U.S. citizens based on their individual income.
14. Taxes on imports that are paid by the importer
15. is an annual plan outlining proposed revenues (from taxes) and expenditures (spending) for the coming fiscal year.
17. Money allocated for paying off the national debt held by the public.
19. Federal tax on the property of someone who has died.
20. Spending subject to the appropriations process.