Difference between progressive tax and regressive tax

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Reference no: EM134019680

Section 1

1. Create a timeline with the following three time periods along it. For each time period, identify which branch or branches of government controlled the federal budget process. Draw a simple illustration for each. Also explain how the budget process worked during each time period.

2. Based on your reading and the timeline you created, answer this question: In what ways might these historical changes have contributed to the growth of the national debt?

Section 2

Complete a flowchart like the one below by briefly describing what happens in each phase of the budget process.

Section 3

1. Create a diagram to summarize the main sources of federal revenue. Label and briefly describe each source.

2. What is the difference between a progressive tax and a regressive tax? Why do you think the government uses both types of taxes to raise revenue?

3. Create a diagram to summarize the differences between mandatory and discretionary spending. Briefly describe each type of spending, and provide examples.

Section 4

Compare the state and local budget process with the federal budget process by completing a Venn diagram like the one below. On the left, identify characteristics unique to the state and local.

Reference no: EM134019680

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