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Lecture Introduction to economics: Social issues and economic thinking: Chapter 23 - Wendy A. Stock

Chapter 23 - Fiscal policy and the federal budget. After completing this unit, you should be able to: Summarize how the federal budget is allocated, describe how the government raises money through taxes and borrowing, explain the difference between government deficits and debts, | Introduction to Economics: Social Issues and Economic Thinking Wendy A. Stock PowerPoint Prepared by Z. Pan Chapter 23 Fiscal Policy and the Federal Budget Copyright © 2013 John Wiley & Sons, Inc. Photo Credit: © Dieter Spears/iStockphoto 1 Summarize how the federal budget is allocated Describe how the government raises money through taxes and borrowing Explain the difference between government deficits and debts Illustrate how fiscal policy impacts the economy using an aggregate demand and aggregate supply model Assess the tradeoffs associated with fiscal policy Copyright © 2013 John Wiley & Sons, Inc. 2 After studying this chapter, you should be able to: 2 Nondiscretionary Spending is determined by current obligations, policies, and demographics, rather than by policymaker discretion. (about 60%) Discretionary Spending is determined by policymaker choices. (about 40%) Copyright © 2013 John Wiley & Sons, Inc. 3 FEDERAL BUDGET – spending 3 Copyright © 2013 John Wiley & Sons, Inc. 4 Federal Spending by Category 4 Copyright © 2013 John Wiley & Sons, Inc. 5 Federal Spending by Category 5 Tax is a financial obligation placed on taxpayers. Income Taxes are taxes that are based on the amount of income a taxpayer earns. Progressive Income Tax System – As taxpayers’ incomes increase they are required to pay a larger percentage of that income as taxes. Copyright © 2013 John Wiley & Sons, Inc. 6 FEDERAL BUDGET – revenue 6 Copyright © 2013 John Wiley & Sons, Inc. 7 Federal revenue by Category 7 Copyright © 2013 John Wiley & Sons, Inc. 8 Federal revenue by Category 8 Income Tax Bracket is a level of income that is taxed at a different marginal tax rate. Marginal Tax Rate is the tax rate on income within a tax bracket. Copyright © 2013 John Wiley & Sons, Inc. 9 FEDERAL BUDGET – revenue 9 Copyright © 2013 John Wiley & Sons, Inc. 10 Income Tax Brackets and Tax Rates 10 To make up the difference between the spending and tax revenue, the federal government also borrow huge amount | Introduction to Economics: Social Issues and Economic Thinking Wendy A. Stock PowerPoint Prepared by Z. Pan Chapter 23 Fiscal Policy and the Federal Budget Copyright © 2013 John Wiley & Sons, Inc. Photo Credit: © Dieter Spears/iStockphoto 1 Summarize how the federal budget is allocated Describe how the government raises money through taxes and borrowing Explain the difference between government deficits and debts Illustrate how fiscal policy impacts the economy using an aggregate demand and aggregate supply model Assess the tradeoffs associated with fiscal policy Copyright © 2013 John Wiley & Sons, Inc. 2 After studying this chapter, you should be able to: 2 Nondiscretionary Spending is determined by current obligations, policies, and demographics, rather than by policymaker discretion. (about 60%) Discretionary Spending is determined by policymaker choices. (about 40%) Copyright © 2013 John Wiley & Sons, Inc. 3 FEDERAL BUDGET – spending 3 Copyright © 2013 John Wiley & Sons, Inc. 4 .