Federal Taxation Chapter 14 Summary
CLASS SET Chapter 14 CLASS SET What are Taxes?
Section One: 1. Citizens of the United States authorize the government, through the Constitution and elected officials, to raise money through taxes. 2. Taxation is the primary way that the government collects money. 3. Without revenue, or income from taxes, government would not be able to provide goods and services. 4. Article 1, Section 8, Clause 1 of the Constitution grants Congress the power to tax. 5. The Sixteenth Amendment gives Congress the power to levy an income tax. 6. The power to tax is also limited through the Constitution. 7. The purpose of the tax must be for “the common defense and general welfare.” 8. Federal …show more content…
All of the following are examples of mandatory spending: Medicare, Social Security, Medicaid 51. An entitlement program is a program to provide benefits to people who meet certain requirements Section Four: 52. A state’s operating budget pays for day-to-day expenses. These include salaries, supplies, and maintenance of state facilities. 53. A state’s capital budget pays for major capital, or investment, spending. 54. Some states have laws requiring balanced budgets. These laws, however, only apply to a state’s operating budget. 55. State education budgets help finance public state universities and provide some aid to local governments for elementary, middle, and high schools. 56. State governments operate state police systems, as well as correctional facilities within a state. 57. Building and maintaining highways is another state expense. States also pay some of the costs of waterways and airports. 58. State funds support some public hospitals and clinics. States also help pay for and administer federal benefits programs. 59. State parks and some museums and historical sites are funded by state revenues. 60. Like the federal government, state governments spend money just to keep
Section One: 1. Citizens of the United States authorize the government, through the Constitution and elected officials, to raise money through taxes. 2. Taxation is the primary way that the government collects money. 3. Without revenue, or income from taxes, government would not be able to provide goods and services. 4. Article 1, Section 8, Clause 1 of the Constitution grants Congress the power to tax. 5. The Sixteenth Amendment gives Congress the power to levy an income tax. 6. The power to tax is also limited through the Constitution. 7. The purpose of the tax must be for “the common defense and general welfare.” 8. Federal …show more content…
All of the following are examples of mandatory spending: Medicare, Social Security, Medicaid 51. An entitlement program is a program to provide benefits to people who meet certain requirements Section Four: 52. A state’s operating budget pays for day-to-day expenses. These include salaries, supplies, and maintenance of state facilities. 53. A state’s capital budget pays for major capital, or investment, spending. 54. Some states have laws requiring balanced budgets. These laws, however, only apply to a state’s operating budget. 55. State education budgets help finance public state universities and provide some aid to local governments for elementary, middle, and high schools. 56. State governments operate state police systems, as well as correctional facilities within a state. 57. Building and maintaining highways is another state expense. States also pay some of the costs of waterways and airports. 58. State funds support some public hospitals and clinics. States also help pay for and administer federal benefits programs. 59. State parks and some museums and historical sites are funded by state revenues. 60. Like the federal government, state governments spend money just to keep