Natalie interpreted two pie graphs illustrating federal revenues and federal expenditures. We noted the deficit created by expenditures exceeding revenues ,and discussed the relationship between the deficit and the federal expenditure labeled "interest on debt". In order to better demonstrate the distinction between a regressive tax and a progressive tax, on the whiteboard I performed some calculations showing how a sales tax is regressive because it constitutes a larger percentage of the gross income of a lower income person than of a high income person. I then distributed a chart showing all the federal tax brackets for 2019 to illustrate by contrast a progressive tax. On the whiteboard,I then calculated the federal income tax owed on a 100K salary and a 500K salary using the standard deduction. Natalie located on the income tax handout the proper percentage bracket applicable to each income level. I then added on the FICA tax of 7.5% to reflect total tax liability. We then discussed per the pie chart previously examined what cost the federal tax mostly defers and the entitlement programs funded by the 7.5% FICA tax. For homework, I assigned a 9 question review quiz on federal expenditures and revenues. Natalie will also be working on her essay at home over the next weeks.