1. The federal government’s biggest single source of revenue is from
foreign aid.
loans from banks.
big business.
individual income tax.

2. During the year employers set aside a certain amount of money, called ____, from their employees’ wages.
securities
tax shelter
withholding
dependent tax

3. These are government financial instruments that include bonds, notes, and certificates.
corporate income taxes
securities
excise taxes
customs duties

4. When the government’s spending is greater than its income, it creates a
national debt.
government securities’ risk.
withholding situation.
national taxable income.

5. To raise revenue and pass appropriations is the power of
the Supreme Court.
the people.
Congress.
the president.

6. The idea that the best forecast of this year’s budget is last year’s, plus a little more, is called
reconciliation.
incrementalism.
policy budget-making.
fiscal year budget-making.

7. The IRS checks some tax returns more carefully than others during
entitlements.
discount rates.
uncontrollables.
audits.

8. A 12-month accounting period is called a
deficit year.
revenue year.
monetary year.
fiscal year.

9. An example of an entitlement program is
Social Security.
corporate tax.
tax loopholes.
individual income tax.

10. The yearly sum of goods and products produced in a country is called the
deficit.
gross national product.
uncontrollables.
entitlements.

11. The United States economy is a
regressive tax economy.
market economy.
fiscal policy economy.
monetary policy economy.

12. An individual’s total income, minus certain deductions and personal exemptions, is called the
excise tax.
withholding.
social insurance tax.
taxable income.

1. The federal government’s biggest single source of revenue is from
foreign aid.
loans from banks.
big business.
individual income tax.

2. During the year employers set aside a certain amount of money, called ____, from their employees’ wages.
securities
tax shelter
withholding
dependent tax

3. These are government financial instruments that include bonds, notes, and certificates.
corporate income taxes
securities
excise taxes
customs duties

4. When the government’s spending is greater than its income, it creates a
national debt.
government securities’ risk.
withholding situation.
national taxable income.

5. To raise revenue and pass appropriations is the power of
the Supreme Court.
the people.
Congress.
the president.

6. The idea that the best forecast of this year’s budget is last year’s, plus a little more, is called
reconciliation.
incrementalism.
policy budget-making.
fiscal year budget-making.

7. The IRS checks some tax returns more carefully than others during
entitlements.
discount rates.
uncontrollables.
audits.

8. A 12-month accounting period is called a
deficit year.
revenue year.
monetary year.
fiscal year.

9. An example of an entitlement program is
Social Security.
corporate tax.
tax loopholes.
individual income tax.

10. The yearly sum of goods and products produced in a country is called the
deficit.
gross national product.
uncontrollables.
entitlements.

11. The United States economy is a
regressive tax economy.
market economy.
fiscal policy economy.
monetary policy economy.

12. An individual’s total income, minus certain deductions and personal exemptions, is called the
excise tax.
withholding.
social insurance tax.
taxable income.

1. The federal government’s biggest single source of revenue is from (1 point)
foreign aid.
loans from banks.
big business.
individual income tax.
2. During the year employers set aside a certain amount of money, called ____, from their employees’ wages. (1 point)
securities
tax shelter
withholding
dependent tax
3. These are government financial instruments that include bonds, notes, and certificates. (1 point)
corporate income taxes
securities
excise taxes
customs duties
4. When the government’s spending is greater than its income, it creates a (1 point)
national debt.
government securities’ risk.
withholding situation.
national taxable income.
5. To raise revenue and pass appropriations is the power of (1 point)
the Supreme Court.
the people.
Congress.
the president.
6. The idea that the best forecast of this year’s budget is last year’s, plus a little more, is called (1 point)
reconciliation.
incrementalism.
policy budget-making.
fiscal year budget-making.
7. The IRS checks some tax returns more carefully than others during (1 point)
entitlements.
discount rates.
uncontrollables.
audits.
8. A 12-month accounting period is called a (1 point)
deficit year.
revenue year.
monetary year.
fiscal year.
9.
An example of an entitlement program is (1 point)
Social Security.
corporate tax.
tax loopholes.
individual income tax.
10. The yearly sum of goods and products produced in a country is called the (1 point)
deficit.
gross national product.
uncontrollables.
entitlements.
11. The United States economy is a (1 point)
regressive tax economy.
market economy.
fiscal policy economy.
monetary policy economy.
12. An individual’s total income, minus certain deductions and personal exemptions, is called the (1 point)
excise tax.
withholding.
social insurance tax.
taxable income.

The federal government’s biggest single source of revenue is from
foreign aid.
loans from banks.
big business.
individual income tax.
2. Someone’s total income minus certain deductions and personal exemptions is that individual’s
taxable income.
gross income.
withholding income.
depdendent tax.
3. When the government’s borrowing is greater than its income, it creates a
national debt.
government securities’ risk.
withholding situation.
national taxable income.

Or are they no longer a reputable source?

From Investor’s Business Daily:

Obama has proposed effective tax increases of 20% or more in the two top income-tax rates, phasing out the personal exemptions and all itemized deductions for top earners, as well as raising their tax rates.

He wants a 33% increase in the tax rates on capital gains and dividends, an increase of 16% to 32% in the top payroll tax rate, reinstatement of the death tax with a 45% top rate, and a new payroll tax on employers estimated at 7% to help finance his health insurance plan. He’s also contending for higher tariffs under his protectionist policies.

Finally, he would increase corporate taxes by 25%, though American businesses already face the second-highest marginal tax rates in the industrialized world, thus directly harming manufacturing and job creation while weakening demand for the dollar.

Beacuse these two things ARE NOT the same.

The top 10 percent of income earners in this country pay 71 percent of federal income taxes, though they earn just 39 percent of the nation’s pretax income.

Thirty years of Republican tax policy have now completely eliminated federal income taxes on the poor and lower middle-income Americans, and almost eliminated them on middle America.

The latest data from the Congressional Budget Office and the Internal Revenue Service show that the lowest 40 percent of income earners as a group actually receive net payments from the federal income tax system. (They get 3.8 percent of total federal income tax revenues instead of paying any income taxes.) The middle 20 percent of income earners pay 4.4 percent of federal income taxes. Thus the bottom 60 percent of income earners together, on net, pay less than 1 percent of all federal income taxes.

Obama would end the Bush tax cuts and allow the top two tax rates to return to 36 and 39.6 percent. He also would allow personal exemptions and deductions to be phased out for those with income over 0,000. He would end the Social Security payroll tax cap for those over 0,000 in earnings. (The cap is currently set at 2,000.) These individuals will then face a tax rate of 15.65 percent from payroll taxes and the top income tax rate of 39.6 percent for a combined top rate of over 56 percent on each additional dollar earned.
And this doesn’t include state and local taxes!

What Obama is calling tax cuts for the middle class is really a slew of refundable federal income tax credits that would primarily go to those who are paying little or no federal income taxes now. Such credits would primarily not reduce tax liability, but instead be checks from the federal government for child care, education, housing, retirement, health care, even outright giveaways. These are not tax cuts. They are new federal spending programs hidden in the tax code. Who is going to pay for it? The Rich??

Not likely! At a 56% tax rate, I’m moving my money offshore!

Many individuals will attempt to transfer their compensation from wages to capital gains, since capital gains would only be taxed at 25 percent, or less than half of the top rate on wages. This would put a great deal of pressure on a company to do anything it could to make its stock quickly increase in value. Other individuals would try to incorporate so they could pay business taxes instead of having to pay taxes on their wages. Again, these resources would be diverted away from more productive uses and slow the economy.

High tax rates also encourage capital and income flight to lower-taxed areas. There is ample evidence in the United States of individuals and businesses moving to states such as Florida or Delaware to take advantage of their tax-friendly laws. A higher federal tax rate would encourage individuals to move assets abroad to take advantage of lower tax rates in countries such as Canada, France, and Great Britain.

I’ve read Obama’s tax plan on his site. There are NO TAX CUTS!! NO TAX RATES ARE LOWERED!! These are TAX CREDITS that someone has to pay for. We Conservatives call this "redistribution of wealth."