Last paper assignment
Very short readings for Thursday:
- Peter G. Peterson Foundation, What Is the Farm Bill, and Why Does It Matter for the Federal Budget?
- Britannica, Prescription Drug Costs (stop with "Con Quotes")
- Suppose your income places you in the 22% bracket. How much of your income do you think is taxed at a rate of 22%?
- Agree or disagree: large tax refunds are a good thing.
- What tax rate applies to the top US federal income tax bracket?
- How much do you think the top 1% of taxpayers by income account for in terms of share of total federal income taxes paid?
Constitutional Provisions
All Bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with amendments as on other Bills.”
— U.S. Constitution, Article I, section 7, clause 1
To raise and support Armies, but no Appropriation of Money to that Use shall be for a longer Term than two Years;
-- U.S. Constitution, Article I, section 8, clause 12
“No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time.”
— U.S. Constitution, Article I, section 9, clause 7
What follows would baffle a Martian.
Authorization (Davidson 398)
“No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time.”
— U.S. Constitution, Article I, section 9, clause 7
What follows would baffle a Martian.
Authorization (Davidson 398)
- Also a form of oversight
- Budget Authority
- Outlay
- Continuing resolutions
Revenue Bills and RECONCILIATION (Davidson 408-409)
Percentage of GDP
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