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10 Cards in this Set

  • Front
  • Back
Tax System (most common)
1.) Individual Income
2.) Social Insurance
3.) Sales
4.)Property
5.) Excise
Individual Income Taxes
federal, local and state gov'ts tax---the wages, salaries, and other income of households and the profits of firms.
Social Insurance Taxes
Federal gov't taxes wages & salaries to raise revenue for Social Security and Medicare Systems.
Sales Taxes
State & Local Gov'ts tax retail sales of most products besides food.
Excise Taxes
Federal Gov't and some state Gov'ts levy excise taxes on specific goods like: gasoline, cigarettes and beer.
The Federal Gov't raises more than _______ of its revenue from the individual income tax and from social insurance taxes.
--80%
Regressive Tax
A tax for which people with lower incomes pay a higher % of their income in tax than do people with higher incomes.
Progressive Tax
A tax for which people with lower incomes pay a lower % of their income in tax than do people with higher incomes.
Marginal Tax Rate
The Fraction of each additional dollar of income that must be paid in taxes.
Average Tax Rate
Total Tax paid divided by total income.