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Economics

Chapter 14 vocab

QuestionAnswer
Tax a required payment to a local. state, or national government
Revenue the income received 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
Property tax
Sales tax
Incidence of a tax
Created by: VKimbrell718
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