CMC Congress Course: Congress and Fiscal Policy

Last paper assignment

Very short readings for Thursday:

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)