1. If you are one of the policymakers determined to control the federal budget, which federal spending item(s) would you cut?
2. How would you change the tax policy to increase the tax revenue? Would you increase the tax rate or decrease it to increase revenue (review the Laffer curve and comment on the relationship between the tax rate and tax revenue)? Who should have the burden of tax? Please review the 2018 Trump tax law and the Biden administration's tax proposals. Below are two short videos: One supports the tax cuts, the other opposes. Tax cuts will spark growth and employment (Laffer)(Links to an external site.) Six things we'll regret about Trump tax cuts
3. What is the impact of Covid-19 on the budget deficit and national debt? Should we be worried about it?

Total Federal Spending 2015: $3.8 Trillion Housing & Energy & Community International Affairs Environment Science $61.5 billion - 2% $50.2 billion - 1%. $44.8 billion - 1% $29.8 billion - 1% Transportation $85 billion - 2% Education Social Security, $102.3 billion - 3% Unemployment & Labor Food & Agriculture $1,275.7 billion - 33% $135.7 billion - 4% Veterans' Benefits. $160.6 billion - 4% Interest on Debt. $229.2 billion - 6% Military $609.3 billion - 16%_ Medicare & Health $1,051.8 billion - 27% NATIONAL PRIORITIES nationalpriorities.org cc 03 Source: OMB. National Priorities Project Federal Tax Revenue 2015: $3.18 Trillion Misc. Excise Taxes Customs Duties $158.6 billion - 5% $95.9 billion - 3% $36.8 billion - 1% Corporate Income Taxes $341.7 billion - 11% Individual Income Taxes $1.48 trillion - 47% Payroll Taxes $1.07 trillion - 33% NATIONICC