What does it mean for a government program to be off-budget? Q.What does it mean for a government program to be off-budget? A.The two Social Security trust funds and the postal service are “off-budget”—their spending and receipts are walled off from the rest of the budget. Putting Social Security and the post office off-budget shields them from some pressures, but policymakers often focus on the unified budget that includes them. A few other agencies are excluded because of their independence (e.g., the Federal Reserve) or private character (e.g., government-sponsored, privately owned entities and funds managed for private citizens). Read more about What does it mean for a government program to be off-budget?
How do US taxes compare internationally? Q.How do US taxes compare internationally? A.Total US tax revenue equaled 24 percent of gross domestic product, well below the 34 percent weighted average for other OECD countries.Total US tax revenue equaled 24 percent of gross domestic product, well below the 34 percent weighted average for other OECD countries. Read more about How do US taxes compare internationally?
What is reconciliation? Q.What is reconciliation? A.Congressional budget committees use the reconciliation process to ensure tax laws and mandatory spending programs are revised according to the budget resolution’s revenue and mandatory spending targets. Reconciliation is a way to fast-track revenue and spending legislation into becoming law. Read more about What is reconciliation?
