Taxing and Spending April 21, 2015 Objective: Understand sources of federal revenue and where the money goes!

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Taxing and Spending April 21, 2015 Objective: Understand sources of federal revenue and where the money goes! abe-lincoln-to-donald-duck-history-of-the-income-tax (SEE ITEMIZED ITEM)

2/6/ I. Sources of Federal revenue 1.In the Past: 1.Tariffs + Excise taxes 2.16 th - (Pocket Constitution) 2.Presently: 1.Income taxes (progressive)>40% 2.SS taxes (regressive)>40% 1.Progressive to $118,500 3.Corporate taxes>5% 4.Excise taxes<5% 5.Borrowing~5%

2/6/ II. Where the money is spent 1.Individuals (s.s., medicare, medicaid)>50% 1.Nondiscretionary/mandatory 2.Net Interest~5% 1.Nondiscretionary/mandatory 3.National defense~25% 1.Discretionary 4.Nondefense discretionary 1.Everything else>15%

2/6/ III. Problem of entitlements (“uncontrollables”) 1.Definition: 1.Eligibility reqs. 2.Auto 2.COLA

2/6/ IV. Budget Process Executive Branch: 1.Agencies  estimates 1.Prev. year+ inflation+ add needs (Iraq, Afghan.) 2.Present to OMB: 3.OMB  President 4.President  Congress

2/6/ IV. Budget Process… Congress: 1.CBO= –Budget –Ways/Means (tax bills) –Finance –Appropriations 2.Agencies Lobby (DOD-Wounded Warrior) 3.Majority Vote

2/6/ IV. Budget Process… 1.Political Influences: (…on budget) –PARTIES –Interest group/PACs/SuperPACs –Public Opinion 2.Presidential Action: –Signs/Veto (no line item veto) –Congress-override