14. The Congress, the President, and the Budget: The Politics of Taxing and Spending
The Politics of Taxing and Spending
How much should we spend for programs such as homeland security, health, etc.? And how should we pay for them? Who bears burdens for paying the government and who receives benefits?
-tax, borrow, pay debts, provide for common defense
-House initiates process of appropriations
-impose excise taxes thru tariffs
-cannot tax gvt, but tax income
Budget
Allocates burdens (taxes) and benefits (expenditures).
Budget deficit/surplus can occur.