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Taxes and Budgets

QuestionAnswer
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