The Balance of Payments Is

The balance of payments is

A) when people with high incomes pay a higher percentage of their income in taxes than do low-wage earners.
B) when all income earners pay the same percentage of their income in taxes.
C) when taxes are based on factors other than income, such as tax breaks for the elderly.
D) the annual difference between payments and receipts between a country and its trading partners.
E) the annual difference between what the government takes in (revenue) and what it spends (expenditures)