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15 Cards in this Set
- Front
- Back
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Progressive |
One in which upper income families pay a larger share of their incomes |
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Regressive |
requires the poor and middle income to pay a larger share of their incomes in taxes than the rich |
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Proportional |
takes the same %age of income from everyone regardless of how much or how little they make |
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Types of Revenue |
Sales Tax Oil Production and Regulation Taxes Natural Gas Production Tax Moto Fuels Tax Moto Vehicle Sales and Rentals and Manufactured Home Sales Tax Franchise Tax Tobacco Tax Alcohlic Beverage Taxes Insurance Occupation Taxes Utility Taxes Hotel and Motel Taxes Inheritance Tax Other Taxes: Attorney, Cement Sulfur, Coin Machine, Bingo Rentals Receipts |
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General Revenue Fund |
State's Primary Operating Fund |
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Permanent School Fund |
Fund created in 1854 that provides monies for primary and secondary school |
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Available School Fund (ASF) |
dedicated fund establishing by the constitution for the support of public education in the state |
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State Highway Fund |
Fund that supports the construction maintenance and policing of roadways and acquires rights of way Funded through a variety of taxes such as motor vehicle registration fees The Federal Highway Fund and the sales tax on motor lubricants |
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Economic Stabilization Fund (ESF) |
Known as the Rainy Day Fund Fund established by constitutional amendment in 1988 to provide funds for the state during times of financial stress |
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Permanent University Trust Fund (PUT) |
Funded established in 1876 Funded from the Proceeds from land owned by the state |
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Highway Education Fund (HEF) |
State higher education fund from universities not having access to PUF monies |
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National Research University Fund (NRUF) |
Fund established in 2009 to provide funding to universities seeking to achieve national prominence as research institutions |
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Pay as You Go |
Portion of the Texas Constitution that requires the state to maintain a balance budget |
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Welfare Funding Limit |
Provides that the amount of $ the state pays for assistance to or on behalf of needy dependent children and their care takers. Shall no exceed 1% of the state budget in any biennium |
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Debt Services |
Money spend by the state to pay off debt Includes interest and principal payments |
