personal income tax and social security tax
Not what you're looking for?
The Congressional Budget Office (CBO) prepares reports for congress.
In "The Budget Outlook" section of the CBO's The Budget and Economic Outlook: Fiscal Years 2009 to 2019, dated January 2009, at
http://www.cbo.gov/ftpdocs/99xx/doc9957/01-07-Outlook.pdf
Please address the following questions:
1. What are the major categories (#1 and #2) of expenditures and revenues?
2. Explain whether or not we should be concerned with net interest outlays and national debt.
3. What major concerns are there about the budget in the long run?
4. How would you recommend those concerns be dealt with?
Purchase this Solution
Solution Summary
Issues related to personal income tax and social security tax are presented.
Solution Preview
1. The most important components of income (revenues) are personal income tax and social security tax (or as the budget calls it the social insurance tax) together pooling in 80% of gross revenues. The two most important components of expenditure are mandatory spending and discretionary spending. Mandatory spending includes programs like Social Security and Medicare, while discretionary spending includes expenditure on defense and education.
2. Net interest outlays are expected to rise with time, as is national debt. Interest outlays will go up since the federal government has been running a deficit since 2002, and this year that number will exceed $1.2 trillion! This adds to both the gross national debt and interest outlays for the same. According to CBO data debt held by the public is expected ...
Purchase this Solution
Free BrainMass Quizzes
Pricing Strategies
Discussion about various pricing techniques of profit-seeking firms.
Elementary Microeconomics
This quiz reviews the basic concept of supply and demand analysis.
Economics, Basic Concepts, Demand-Supply-Equilibrium
The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.
Economic Issues and Concepts
This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.
Basics of Economics
Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.