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• The result of the government taking in less money than it spends.

  Internal Revenue Service - Cite This Source - This Definition
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  Cite Definition for deficit

  American Psychological Association (APA)

  deficit. (n.d.). Understanding Taxes Student Glossary. Retrieved February 1, 2023, from website: http://www.expertglossary.com/definition/deficit.

  Chicago Manual of Style (CMS)

  deficit. apps.irs.gov. Understanding Taxes Student Glossary. Internal Revenue Service. http://www.expertglossary.com/definition/deficit (accessed: February 1, 2023).

  Modern Language Association (MLA)

  "deficit." Understanding Taxes Student Glossary. Internal Revenue Service. 1 February. 2023 http://www.expertglossary.com/definition/deficit.

• Browse Related Terms: amount due, deficit, Direct Deposit, inflation, interest, interest income, nonrefundable credit, Refund, refundable credit, tax liability (or total tax bill), taxes, withholding ("pay-as-you-earn" taxation)