The second chapter talked about how the issues, chronicling the government’s financial and tax policy changes and the subsequent impact since World War II. The third chapter mentioned where the money of the budget went (spends on Medicare and Medicaid, Social Security and Defense occupied more than 60% of the total $3.6-trillion federal budget in 2011), and whether it is possible to cut these spending to reduce deficits. The fourth chapters implied that the money of the budget came from income taxes on individuals, payroll taxes on employers and employees, and debt (both domestic and foreign). In addition, Wessel touched on the “fairness” problem with paying taxes (who should pay and how much should be paid), demonstrating graphs and statistical data about government’s tax revenue allocation among taxpayers with different income bracket. The last chapter provided that unemployment,
The second chapter talked about how the issues, chronicling the government’s financial and tax policy changes and the subsequent impact since World War II. The third chapter mentioned where the money of the budget went (spends on Medicare and Medicaid, Social Security and Defense occupied more than 60% of the total $3.6-trillion federal budget in 2011), and whether it is possible to cut these spending to reduce deficits. The fourth chapters implied that the money of the budget came from income taxes on individuals, payroll taxes on employers and employees, and debt (both domestic and foreign). In addition, Wessel touched on the “fairness” problem with paying taxes (who should pay and how much should be paid), demonstrating graphs and statistical data about government’s tax revenue allocation among taxpayers with different income bracket. The last chapter provided that unemployment,