From the Congressional Glossary – Including Legislative and Budget Terms Baseline / Baseline Budgeting / Scorekeeping Dan Mitchell Discussing Dishonest Budget Numbers with John Stossel Baseline: Projection of future revenues, budget authority, outlays, and other budget amounts under assumed economic conditions and participation rates without a change in current policy. The Congressional Budget … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Budget Deficit / Budget Surplus Lesson 1 National Debt & Budget Deficit Explained The relationship between spending and revenues is reflected in the surplus or deficit figure. A surplus is an excess of revenues over outlays, while a deficit is an excess of … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Revenues photo credit: DonkeyHotey Revenues: Income from individual and corporate income taxes, social insurance taxes, excise taxes, fees, tariffs, and other sources collected under the sovereign powers of the federal government. Revenues, also known as receipts, are the funds collected from the public primarily as … Read more
The United States Constitution Also see “Amendment 16 (Sixteenth Amendment – Income Tax)“ The Taxing and Spending Clause is found in the Constitution of the United States, Article. I. Section. 8., clause 1: (Clause 1 – Power to tax and spend) [The Congress shall have Power] To lay and collect Taxes, Duties, Imposts and Excises, … Read more