Glossary
Budget and Tax Terms
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. Appropriation — An act of Congress that enables Federal agencies to spend money for specific purposes. Authorization — An act of Congress that establishes or continues a Federal program or agency, and sets forth the guidelines to which it must adhere. Balanced Budget — Occurs when total revenues equal total outlays for a fiscal year. Baseline — A benchmark for measuring the budgetary effects of proposed changes in Federal…
