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Civics Vocab.
March 3
| Word | Def. |
|---|---|
| Fiscal Policy | the way the gov't taxes citizens and spends money |
| Expenditure | money spent by a gov't |
| Revenue | The money gov't recieves from taxes and other sources |
| Regressive Taxation | The percent you pay goes down as you earn more money |
| Proportional Taxation | taxes the same percent of income no matter how much you make |
| Income Tax | A tax on the money an individual or buisness earns |
| Excise Tax | A tax on certain products |
| Corporate Tax | A levy placed on the profit of a firm different rates are used for different levels of profits |
| Direct Tax | a tax exacted directly from the persons who will bear the burden of it,as a poll tax, a general property tax, or an income tax. |
| Estate Tax | a tax imposed on a decedent's property |
| User Fees | A charge for the use of a service or product |
| Tariffs | An import tax designed to protect a nation's industries from foreign competition |
| Social Security | federal insurance, financed by special tax, that provides benefits for people who are retired |
| National Budget | the way of which the gov't plans on spending the nations money |
| Budget Deficit | when a person or group of people spend more money than they have |
| Budget Surplus | when a person or group of people have more money than they are spending |
| National Debt | the total amount the gov't owes on money it has borrowed |
| Deficit Spending | An excess of gov't expenses over revenues |
Created by:
Civics123
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