The Balanced Budget and Emergency Deficit Control Act of 1985,known

question 39

Multiple Choice

The Balanced Budget and Emergency Deficit Control Act of 1985,known as the Gramm-Rudman included two significant changes in the federal budget process.

• A)balanced budget requirement and national debt reduction
• B)across the board budget cuts and agreement between Congress and the president
• C)targeted deficit levels requirements and triggered automatic spending cuts
• D)defense and domestic spending cuts

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Definitions:

Taxable Income

The amount of an individual's or entity's income used to determine how much tax is owed to the government.

Standard Deduction

A portion of income that is not subject to tax and can be used to reduce a taxpayer's taxable income.

Joint Return

A tax return filed jointly by a married couple, combining their incomes, exemptions, and deductions.

Taxable Income

The portion of an individual's or corporation's income used as the basis for calculating the amount of tax owed to the government.