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PFL Standard 2

Ability to pay: The belief that people should be taxed according to their ability to pay, regardless of the benefits they receive.
Benefits-received principle: The belief that people should be taxed according to the benefits they receive from the good or service the tax supports.
Free rider: One who enjoys the benefits of a good or service without paying for it.
Progressive tax: A tax that takes a larger percentage of income from people in higher-income groups than from people in lower-income ones;
Regressive tax: A tax that takes a larger percentage of income from people in lower-income groups than from higher-income ones.
Taxes: Government fees on business and individual income, activities, or products to support government programs.
Ethics: A set of principles or beliefs that govern an individual’s actions.
Morals: A system of values and principles of conduct that promotes good customs and virtues while condemning bad customs and vices.
Standard of living: The quality and quantity of goods and services available to people, and the way these goods and services are distributed within a country.
Quality of life: The overall enjoyment of life and sense of well-being
Voluntary compliance: A system that relies on individual citizens to report their income freely and voluntarily, calculate their tax liability correctly, and file a tax return on time, according to the rules established by the Internal Revenue Service.
Created by: Stoll FMS