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 |