Chapter 14, part 1, due Tues/Wednesday.

1. Bush’s pledge?
2. 2 Questions central to public policy?
3. Budget
4. Deficit
5. Expenditures
6. Revenues
7. Taxes according to Holmes
8. ‘Art of Taxation’
9. 4 major sources of federal revenue?
10. Income tax
11. 16th amendment
12. IRS perception
13. Progressive tax
14. Flat tax
15. Sales tax
16. Social insurance taxes and their growth.
17. Federal debt?
18. What is bad about deficit and debt?
19. Why is debt not bad?
20. Reagonomics?
21. Describe Figure 14.2
22. Tax loophole, and example
23. Ross Perot’s Loophole
24. Tax expenditures and 2 examples
25. Who do tax expenditures benefit?
26. History of modern tax reduction (in 3-4 sentences)
27. How does US tax burden stack up?
28. What are some goals for tax reform?
29. Describe the Tax reform act of 1986
30. Describe figure 14.3
31. Why is the budget so large?
32. Describe American government as a percentage of Gross Domestic Product