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Econ ch.9
Economics
| Question | Answer |
|---|---|
| the demand curve is inelastic | the incidence of a tax can more effectively be shifted from the supplier to the consumer |
| individual income tax | tax on people's earnings |
| the flat tax | simplifies the tax process |
| investment tax credit | reduction in business taxes based on investment in new plants and equipment |
| the alternative minimum tax | requires people to pay a minimum tax of 20 percent |
| progressive tax | tax that imposes a higher percentage rate of taxation on people with higher incomes than on people with lower incomes |
| excise tax | tax on the manufacture and sale of selected items |
| capital gains | profits from the sale of an asset held for 12 months |
| education and public welfare | intergovernmental revenues are generally intended for |
| payroll taxes | medicare and FICA |
| indexing | upward revision of the tax brackets to compensate for the effects of inflation |
| property tax | tax on tangible and intangible possessions, such as real estate |
| payroll withholding system | system requiring employers to deduct income taxes from employees' paychecks and send it directly to the government |
| the 16 amendment | the authority to levy a federal income tax comes from |
| sin tax | relatively high tax on socially undesirable products, such as tobacco |
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lizhopper2
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