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15 Cards in this Set
- Front
- Back
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progressive tax
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the higher one's income, the higher the tax
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tax return
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declaration of that income and the exemptions & deductions he/she claims
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payroll taxes
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amounts owed by each employee are withheld from paychecks
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regressive taxes
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taxes levied at flat rate without consideration of taxpayer's income/ability to pay them
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excise tax
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tax laid on manufacture/sale/consumption of goods/preformance of services
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estate tax
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assets of one who dies
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gift tax
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imposed on gift from living person
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customs duties
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goods brought into US
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interest
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charge for borrowed money/percent of borrowed money
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deficit
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yearly shortfall between income and outgo
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surplus
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more income than outgo
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public debt
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government's total outstanding indebtedness
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Entitlements
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benefits federal law says must be paid to all those who meet eligibility criterion
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controllable and uncontrollable spending
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what can be marked down versus what cannot
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continuing resolution
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resolution of financial assistance to agencies in congress that are tackling issues that define us as a society; problems and subjects which need committees
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