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11 Cards in this Set
- Front
- Back
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Tax |
A required payment to a local, state, or national government |
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Revenue |
Income received by a government from taxes and nontax sources |
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Tax base |
Income, property, good, or service that is subject to tax |
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Individual income tax |
A tax on a person's earnings |
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Sales tax |
A tax on the dollar value of a good or service being sold |
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Property tax |
A tax on the value of a property |
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Corporate income tax |
A tax on the value of a company's profits |
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Proportional tax |
A tax for which the percentage of income paid in taxes remains the same for all income levels |
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Progressive tax |
A tax for which the percentage of income paid in taxes decreases an income increases |
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Regressive tax |
A tax for which the percentage of income paid in taxes decreases as income increases |
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Incidence of a tax |
The final burden of a tax |
