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chapter 17
economics
| Question | Answer |
|---|---|
| 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 |
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