About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

Glossary of Budgetary and Economic Terms [xii] (January 2002)

handle is hein.congrec/cbo06981 and id is 1 raw text is: Glossary of Budgetary and Economic Terms This glossary defines economic and budgetary terms as they relate to the Congressional Budget Office's annual Budget and Economic Outlook and for the general information of readers. Some entries sacrifice precision for the sake of brevity and clarity to the lay reader. Where appropriate, sources of data for economic variables are indicated as follows: BEA denotes the Bureau of Economic Analysis in the Department of Commerce; BLS denotes the Bureau of Labor Statistics in the Department of Labor; CBO denotes the Congressional Budget Office; FRB denotes the Federal Reserve Board; and NBER denotes the National Bureau of Economic Research (a private entity that engages in economic research and, by convention, identifies peaks and troughs of business cycles). accrual accounting: A system of accounting in which revenues are recorded when earned and outlays are recorded when goods are received or services 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. Compare with cash accounting. adjusted gross income (AGI): All income subject to taxation under the individual income tax after subtracting above-the-line deductions, such as certain contributions for individual retirement accounts and alimony payments. Personal exemptions and the standard or itemized deductions are subtracted from AGI to determine taxable income. advance appropriation: Budget authority provided in an appropriation act that is first available for obligation in a fiscal year after the year for which the appropriation was enacted. The amount of the advance appropriation is included in the budget totals for the fiscal year in which it will become available. See appropriation act, budget-autbority, fiscal year, and obligation; compare with forward funding and obligation delay. aggregate demand: Total purchases of a country's output of goods and services by consumers, businesses, government, and foreigners during a given period. (BEA) Compare with domestic demand. AG: See adjusted gross income. alternative minimum tax (AMT): A tax intended to prevent higher-income taxpayers from excessively reducing their tax liability (the amount they owe) through the use of preferences in the tax code. 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. appropriation act: Legislation under the jurisdiction of the House and Senate Committees on

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most