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ECO Topic 8 Vocab
| Term | Definition |
|---|---|
| Tax | a required payment to a local, state, or national government |
| Revenue | the income received by a government from taxes and other nontax sources |
| Progressive Tax | a tax for which the percentage of income paid in taxes increases as income increases |
| Proportional Tax | a tax for which the percentage of income paid in taxes remains the same at all income levels |
| Regressive Tax | a tax for which the percentage of income paid in taxes decreases as income increases |
| Tax Base | the income, property, good, or service that is subject to a tax |
| Individual Income Tax | a tax based on a person’s earnings |
| Corporate Income Tax | a tax based on a company’s profits |
| Property Tax | a tax based on real estate and other property |
| Sales Tax | a tax based on goods or services that are sold |
| Incidence of a Tax | the final burden of a tax |
| Withholding | taking tax payments out of an employee’s pay before he or she receives it |
| Tax Return | a form used to file income taxes |
| Taxable Income | the earnings on which tax must be paid; total income minus exemptions and deductions |
| Personal Exemption | a set amount that taxpayers may subtract from their gross income for themselves, their spouse, and any dependents |
| Tax Credit | a variable amount that taxpayers may subtract from the total amount of their income tax |
| Estate Tax | a tax on the total value of the money and property of a person who has died |
| Gift Tax | a tax on the money or property that one living person gives to another |
| Tax Incentive | the use of taxation to discourage or encourage certain types of behavior |
| Tax Deduction | a variable amount that taxpayers may subtract from their gross income |
| Tariffs | taxes on imported goods |
| Mandatory Spending | spending that Congress is required by existing law to do |
| Discretionary Spending | spending about which Congress is free to make choices |
| Entitlement | social welfare program that people are “entitled to” benefit from if they meet certain eligibility requirements |
| Budget | an estimate of future revenue and expenses |
| Operating Budget | A budget for day-to-day spending needs |
| Capital Budget | A budget for spending on major investments |
| Balanced Budget | A budget in which revenue and spending are equal |
| Tax Exempt | Not subject to taxes |
| Real Property | Land and any permanent structures on the land to which a person has legal title |
| Personal Property | Movable possessions or assets |
| Tax Assessor | An official who determines the value of property |
Created by:
cwarsing
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