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Civics Vocab.

March 3

Fiscal Policy the way the gov't taxes citizens and spends money
Expenditure money spent by a gov't
Revenue The money gov't recieves from taxes and other sources
Regressive Taxation The percent you pay goes down as you earn more money
Proportional Taxation taxes the same percent of income no matter how much you make
Income Tax A tax on the money an individual or buisness earns
Excise Tax A tax on certain products
Corporate Tax A levy placed on the profit of a firm different rates are used for different levels of profits
Direct Tax a tax exacted directly from the persons who will bear the burden of it,as a poll tax, a general property tax, or an income tax.
Estate Tax a tax imposed on a decedent's property
User Fees A charge for the use of a service or product
Tariffs An import tax designed to protect a nation's industries from foreign competition
Social Security federal insurance, financed by special tax, that provides benefits for people who are retired
National Budget the way of which the gov't plans on spending the nations money
Budget Deficit when a person or group of people spend more money than they have
Budget Surplus when a person or group of people have more money than they are spending
National Debt the total amount the gov't owes on money it has borrowed
Deficit Spending An excess of gov't expenses over revenues
Created by: Civics123