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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 |