The Government Sector
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| Whats the largest government transfer payment | social security
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| Average tax rate (ATR) | percentage of taxable income that is paid in taxes. Calculated by dividing taxes paid by taxable income
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| Marginal tax rate (MTR) | additional taxes paid (such as overtime) divided by additional taxable income
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| Direct tax | tax on a particular person
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| Indirect tax | tax on a thing rather than person (good and services)
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| Progressive taxes | places a greater burden on the rich
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| Proportional taxes | places an equal burden on all classes
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| Regressive taxes | places a greater burden on the poor (social security)
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| The largest source of federal revenue | personal income tax
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| Payroll tax | a tax paid equally by employee and employer, based on employee's wages
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| Corporate income tax | tax on a corporation's profits
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| Excise tax | a sales tax levied on a particular good or service (generally regressive)
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| Estate tax | a percentage of the value of an estate left to one's heirs
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| Sales tax | a percentage of the purchase price of goods and services sold in a state or a locality (almost half the taxes collected by the states come from the sales tax) Highly regressive tax
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| Property tax | a percentage of the value of a residence, office building, etc. 80% of all local tax revenue is derived from the property tax
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