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Chp. 5 Econ
PASS: Government Revenue
| Term | Definition |
|---|---|
| excise tax | a tax by the government on the manufacture, sale, or use of certain products Examples: gasoline, luxury cars, alcohol, tobacco |
| government revenue | tax dollars received by government |
| income tax | a tax on earned income that is paid to a local, state, or national government |
| progressive tax | a tax that increases as income level increases Example: federal income tax |
| property tax | a tax paid on the assessed value of land and buildings |
| proportional tax | a tax that takes the same percentage in taxes from all income levels Example: sales tax |
| regressive tax | a tax that takes a higher percentage from lower income levels than higher incomes Example: Social Security |
| sales tax | taxes paid on some goods or services purchased; based on a percentage of the selling price |
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