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Taxes and Budgets
| Question | Answer |
|---|---|
| situation in which the federal governemnt expenditures are greater than federal government tax revenues | budget deficit |
| an income tax that everyone pays at the same rate whatever the income level | proportional tax |
| income tax whose rate increases as income level rises | progressive tax |
| situation in which the federal government expenditures are less than federal government tax revenues | budget surplus |
| income tax whose rate decreases as income level rises | regresssive tax |
| sum total of what the federal government owes its creditors | national debt |
| taxes placed on the purchase of certain goods,sin | excise |
| a tax that some people have to pay on top of their regular income tax | alternative minimum tax |
| federal government tax placed on income generated from employment, 1/2 paid by employer,1/2 paid by employee | FICA or social security |
Created by:
nrhsecovit
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