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14-1 Vocabulary JW

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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