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24 Cards in this Set
- Front
- Back
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What are the purposes gov'ts use taxes and the tax system? |
1. To fund public goods and services 2. To influence behavior 3. To stabilize the economy 4. To redistribute income
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What are the different types of taxes people pay? |
Income, Social Security, Sales, Excise, Property, Estate and Gift, Business or License, Custom duties and tariffs, Proportional, Progressive, Regressive |
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What is the main source of income for the gov't? |
Income Tax (IRS) |
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What pays for Social Security programs? |
Social Security Tax (FICA) |
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What is a tax paid on the value of goods and services? |
Sales Tax |
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What is a tax paid on certain goods and services? |
Excise Tax |
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What is a tax based on the value of land and buildings owned? |
Property Tax |
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What kind of taxes are schools funded by? |
Property Taxes |
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What is the main source of revenue for local gov'ts? |
Property Tax |
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What is a type of tax based on a value of a person's property after his or her death? |
Estate and Gift Tax |
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What are fees to drive a car, own certain pets, hunt, or fish? |
Business or License Tax |
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What is the federal income tax an example of? |
Progressive Tax |
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What is a tax placed on goods imported from other countries? |
Customs duties and tariffs Tax |
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What is a tax that takes the same percentage of everyone's income? |
Proportional Tax |
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What is a tax that takes a larger percentage of the income of high income people rather than low income people? |
Regressive Tax |
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What do state and local spend the largest portion (1/3) of their revenue on? |
Education |
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What does state and local spend a large portion of their revenue on? |
Public assistance, transportation, public safety, and health care |
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What is the date for the 16th Amendment? |
1913 |
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What allows the gov't to collect income taxes? |
The 16th Amendment |
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What is the date that the gov't increases taxes to pay for social programs during and after the Great Depression? |
1930's |
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What is a required payment to a local, state, or national gov't for several purposes? |
Taxes |
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What is a tax that has the same rate for everyone who pays the tax? |
Flat Tax, or Sales Tax |
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What is a tax where different rates are applied? |
Graduated Tax |
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What is money collected by the gov't for public use? |
Revenue |
