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Budget Basics Archive
The earned income tax credit (EITC) is a measure administered through the tax code to address poverty. It was first enacted in 1975 on a temporary basis amid broader debates about welfare reform and had the primary goal of encouraging people to obtain employment.
The child tax credit (CTC) is a measure administered though the tax code that is designed to make raising children more affordable by easing the financial burden faced by families.
PAYGO is a budget enforcement mechanism intended to prevent passage of legislation that increases deficits.
The National Flood Insurance Program (NFIP) is run by the federal government to reduce the impact of flooding on private and public structures.
A key assessment of poverty in America is the Official Poverty Measure (OPM), which is calculated by the United States Census Bureau using a range of income and economic data.
The United States spent $631 billion on national defense during fiscal year (FY) 2018 according to the Office of Management and Budget, which amounts to 15 percent of the federal budget.
Most working Americans are subject to payroll taxes, which are usually deducted automatically from an employee’s paycheck. Employers are also often subject to these types of taxes.
There is one cap for national defense and another cap for non-defense programs.
Tax expenditures can come in the form of exclusions, exemptions, deductions, and credits.
Federal trust funds bear little resemblance to their private-sector counterparts.