Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
16 Cards in this Set
- Front
- Back
|
a basic economic policy that calls for noninterference by the government in business matters
|
laissez faire
|
|
|
a tax which individuals pay on income above a certain amount & which corporations pay on profits
|
income tax
|
|
|
a tax on purchases
|
sales tax
|
|
|
a tax on certain items such as alcohol, tobacco & gasoline
|
excise tax
|
|
|
a tax on the property of a person who has died
|
estate tax
|
|
|
a constant percentage of income is taken in taxes as income increases
(ex. property tax) |
proportional tax
|
|
|
a larger percentage of income is taken in taxes as income increases;
(ex. income tax ) |
progressive tax
|
|
|
a smaller percentage of income is taken in taxes as income increases;
(ex. sales tax) |
regressive tax
|
|
|
a required payment to a local, state, or national government
|
tax
|
|
|
the income, property, good, or service that is subject to a tax
|
tax base
|
|
|
4 Characteristics of a "good" tax
|
simlicity, efficiency, certainty & equity
|
|
|
tells who bears the "final burden" of a tax
|
incidence of a tax
|
|
|
income received by a government from taxes and nontax sources
|
revenue
|
|
|
legalized the Income Tax in 1913
|
sixteenth amendment
|
|
|
determined by "benefits received" and "ability to pay"
|
tax fairness
|
|
|
regulated by the government in U.S. Free Market Economy
|
competition, consumer protection, & labor
|
