Fiscal Meaning: Definition, Examples, and Translations
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fiscal
[ˈfɪsk(ə)l ]
Definitions
Context #1 | Adjective
government finance
relating to government revenue, especially taxes
Synonyms
economic, financial, monetary.
Examples of usage
- fiscal policy
- fiscal year
Context #2 | Noun
government
a government department dealing with the collection of government revenue, especially taxes
Synonyms
revenue service, tax office, treasury.
Examples of usage
- The Internal Revenue Service (IRS) is a fiscal agency in the United States.
Translations
To see the translation, please select a language from the options available.
Interesting Facts
Economics
- Fiscal policy involves government spending and tax policies used to influence the economy.
- Contrasted with monetary policy, which is managed by a country's central bank.
- Countries can adopt expansionary fiscal policies to boost economic growth or contractionary policies to reduce inflation.
Cultural Impact
- Fiscal issues often play a significant role in political campaigns, influencing voter opinions and decisions.
- Many cultures celebrate tax day as a significant deadline, exhibiting the societal importance of fiscal responsibility.
- Art and literature reflect fiscal themes, depicting the struggles of finance through various narratives.
History
- The Great Depression of the 1930s led to a reevaluation of fiscal policies, creating new government roles in economic management.
- Post-World War II, many governments implemented fiscal policies to rebuild their economies, marking a shift in approach to national budgets.
- The concept of fiscal federalism emerged in the mid-20th century, promoting the idea of shared financial responsibilities between different levels of government.
Current Events
- Modern debates around fiscal responsibility often focus on issues like national debt and budget deficits.
- Recent global events, like the COVID-19 pandemic, prompted revisited fiscal strategies to stabilize economies.
- Sustainable fiscal practices are increasingly discussed to ensure long-term financial health amidst environmental concerns.
Origin of 'fiscal'
Main points about word origin
- The word comes from the Latin 'fiscalis', meaning 'of the treasury'.
- In ancient Rome, 'fiscus' referred to the state treasury where public funds were kept.
- The term began to be widely used in English during the 19th century as governments became more involved in finance.
The word 'fiscal' originated from the Latin word 'fiscus' meaning 'basket' or 'treasury'. It has been used in English since the early 16th century to refer to financial matters related to government revenue.