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Excise Tax

A tax on specific goods, services, or activities, rather than on income or property. In this case, it's a tax on the investment income of certain institutions.

Endowment

Money or property donated to an institution (like a university) that is invested to provide a continuous stream of income to support the institution's operations, scholarships, and programs.

Internal Revenue Code of 1986

The official compilation of all federal tax laws in the United States, administered by the Internal Revenue Service (IRS).

National Deficit

The amount by which government spending exceeds government revenue in a single fiscal year.

National Debt

The total amount of money that the federal government owes to its creditors, accumulated over time from past deficits.

Taxable Year

A 12-month period for which an individual or organization calculates their income and files a tax return, often a calendar year but can be a fiscal year.