Objective 2.6 Sources of Revenue for the National Government

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Presentation transcript:

Objective 2.6 Sources of Revenue for the National Government

Progressive Tax Increases in percentage as income rises. The Federal income tax is designed as a progressive tax. The more one earns, the greater percentage the Government requires him/her to pay.

Regressive Tax A larger percentage of income is taken from those who earn less. The person who earns less money pays more because the amount of tax will be a higher percentage of his/her income.

Fines and Fees The way Government collects money. Fines- Money collected that are imposed as punishment for criminal or civil offenses. Fees-The Government charges people to use certain services.

Government Spending The National budget is the amount of money the federal government plans to spend each year. The president proposes the budget, but congress approves. Budget deficit-When the government spends more money than it has in revenue for a given year. Budget surplus-When the government spends less money than it has in revenue. How much the government owes is the national debt. The Government issues treasury bonds to help cover itself when they spend more than they have.