In addition to regular appropriation acts, the Congress may also consider supplemental, deficiency, or continuing appropriation acts (joint resolutions that provide budget authority for a fiscal year until the regular appropriation act for that year is enacted). The Congress normally considers 12 regular appropriation acts, which fund the operations of the federal government for the coming fiscal year. The amount by which a taxpayer’s AMT calculation exceeds his or her regular tax calculation is that person’s AMT liability.Īppropriation act: A statute, under the jurisdiction of the House and Senate Committees on Appropriations, that generally provides legal authority for federal agencies to incur obligations and to make payments out of the Treasury for specified purposes. Taxpayers subject to the AMT are required to recalculate their tax liability on the basis of a more limited set of exemptions, deductions, and tax credits than would normally apply.
They contrast with intermediate goods and services, which are used for the production of other goods and services.) (BEA) See domestic demand.Īlternative minimum tax (AMT): A tax intended to limit the extent to which people earning higher income can reduce their tax liability (the amount they owe) through the use of preferences in the tax code. ( Final goods and services are purchased directly by the end user. See cost-sharing subsidy, employer mandate, health insurance market places, individual mandate, and premium assistance tax creditĪggregate demand: Total purchases by consumers, businesses, governments, and foreigners of a country’s output of final goods and services during a given period. 111-152) and the effects of subsequent judicial decisions, statutory changes, and administrative actions. See forward funding, obligation delay, and unobligated balances.Īffordable Care Act: This term refers to the Patient Protection and Affordable Care Act (Public Law 111-148) the health care provisions of the Health Care and Education Reconciliation Act of 2010 (P.L. The amount of the advance appropriation is included in the budget totals for the year in which it will become available. (Such deductions include alimony payments and some business expenses, for instance, and certain contributions to individual retirement accounts.) Personal exemptions and the standard or itemized deductions are subtracted from AGI to determine taxable income.Īdvance appropriation: Budget authority provided in an appropriation act that becomes available one or more fiscal years after the fiscal year for which the appropriation act was enacted. Īdjusted gross income (AGI): All income that is subject to taxation under the individual income tax after “above-theline” deductions are taken into account. See cash accounting, credit reform , and outlays.Īccrual accounting: A method of accounting that records expenses when they are incurred and revenues when they are earned rather than when payments are made or received. National Bureau of Economic Research (NBER, a private entity).Īccrual accounting: A system of accounting in which revenues are recorded when earned and expenses are recorded when goods are received or services are performed, even though the actual receipt of revenues and payment for goods or services may occur, in whole or in part, at a different time.Bureau of Labor Statistics in the Department of Labor (BLS), and.Bureau of Economic Analysis in the Department of Commerce (BEA),.Board of Governors of the Federal Reserve System (FRB),.Where appropriate, the entries note the sources of data for economic variables as follows: Although the entries attempt to ensure technical precision, they also aim for brevity and clarity. Many of CBO’s entries conform to those published in A Glossary of Terms Used in the Federal Budget Process, which was issued by the Government Accountability Office (GAO) in 2005.ĬBO’s glossary is updated periodically, principally to keep abreast of current laws. The CBO Glossary from the Congressional Budget Office defines various budgetary and economic terms that are commonly used in reports produced by the Congressional Budget Office. Glossary of the Congressional Budget Office Terms Used In Budget Law
0 kommentar(er)
