Vocab - Summer Flashcards
Fiscal Policy
taxing and spending by the government (Congress/President)
Incrementalism
major policy changes effected through small changes over a long period of time
Progressive Taxation
a tax by which the government takes a greater share of the income of the rich rather than the poor
Flat tax
one tax rate regardless of the amount of income a person makes (also called proportional)
Regressive Tax
tax that falls more heavily upon the low income groups than upon wealthy taxpayers
Deficit Spending
government spending that exceeds money brought brought in through taxation, requiring borrowing of money
National Debt
amount of money owed by the federal government
Mandatory Spending
federal programs that by law must be funded (Social Security, interest on national debt)
Discretionary Spending
spending on federal programs that can be controlled by Congress and the president (aid to schools, construction of roads/bridges, etc.)
Entitlement
a guarantee of access to something, such as welfare benefits, based on established rights or by legislation (Social Security, Medicare, Medicaid, etc.)
Medicare
a program that provides hospitalization insurance for the elderly and permits older Americans to purchase inexpensive coverage for doctors fees and other medical payments
Medicaid
a public assistance program designed to provide health care for poor Americans. Funded by state and national governments
Social Security
the Old - Age, Survivors, and Disability Insurance federal program (entitlement)
Clear Air Act
national mandate to promote and implement policies targeting air pollution
Clean Water Act
national mandate to promote and implement policies targeting water pollution