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14-1 Vocabulary JW
| Question | Answer |
|---|---|
| A mandatory payment to a government | Tax |
| the government's income from taxes and other sources. | Revenue |
| Holds that people who benefit directly from public goods should pay for them in proportion to the amount of benefits received. | Benefits-Received Principle |
| Holds that people should be taxed on their ability to pay, no matter the level of benefits they receive. | Ability-to-Pay Principle |
| Amount of wealth subject to taxes | Tax base |
| A tax based on an individual's income from all sources, wages, interest, dividends, and tips. | Individual income tax |
| based on a corporations profits | Corporate income tax |
| based on value of goods or services at the time of sale | Sales tax |
| based on the value of an individual's or a busness's assets | Property tax |
| Takes the same percentage income from all taxpayers. | Proportional tax |
| Places a higher percentage rate of taxation on high-income people. | Progressive tax |
| Takes a larger percentage of income from low-income people | Regressive tax |
| The impact of the tax on a tax payer | Incidence of a tax |
| The use of taxes to influence economic behavior. | Tax incentive |
Created by:
joannw15
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