The Gramm-Rudman Act Was Passed by Congress to

question 77

Multiple Choice

 The Gramm-Rudman Act was passed by Congress to 

• A) fine-tune the existing budget procedures. 
• B) give more authority to the OMB. 
• C) eliminate deficit spending. 
• D) eliminate the balance-of-trade deficit. 
• E) eliminate tax cuts.

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Definitions:

Sales

The transactions where goods or services are exchanged for money or considerations.

Marginal Tax Rate

The rate at which the next dollar of taxable income would be taxed, reflecting the progressive nature of tax systems.

Average Tax Rate

The ratio of the total amount of taxes paid to the total taxable income, representing the average portion of income that is paid as tax.

Progressive Tax

Progressive tax is a taxation system where the tax rate increases as the taxable amount or income increases, placing a higher burden on those with higher incomes.