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chapter 17

economics

QuestionAnswer
tax base the item that is the source of a tax, such as income
income tax a charge on earnings of individuals and corporations levied by the gov. and used to raise revenue
general sales tax tax added to the price of goods and services at the time or purchase
excise tax tax collected on the sale of specific goods and services
tariff A tax or duty to be paid on a particular class of imports or exports
property tax tax on items owned by a person or business
benifits- recived principle a principle pf taxation that says those who get benifits from a public service should pay a charge or tax for it
ability-to-pay priciple those who can afford to pay more taxes should
direct tax a tax that is charged to the person who pay it
indirect tax tax that is payed by one party but passed on to another
progressive tax tax that increases as income increases
proportional tax any tax in which the rate is constant as the amount subject to taxation increase
regressive tax tax in which the proportion of income spent on the tax decreases as income increases
Created by: keykey7777777