Taxes
You go to buy shoes at the store. They are $75, but you end up paying $82.33. It is because of this tax.
What is sales tax?
This is how the state of Missouri might attract a company like Amazon to build a facility in Missouri rather than another state.
What are tax incentives to lower costs?
This part of the government is the body that influences fiscal policy.
What is Congress?
This is the entity that influences monetary policy.
What is the federal reserve?
Not paying taxes if a serious crime. It's for this reason that tax evasion is a felony.
What is because many government programs rely on tax dollars?
Mr. Maberry buys a house. At the end of the year he gets a bill showing how much is home is worth and how much tax he has to pay.
What is property tax?
In a market economy, this provides businesses with incentive to innovate, create new technology and develop new products.
What is private ownership?
This tax based amendment gave a new source of revenue to the federal government.
What is the 16th Amendment?
This is the rise of prices combined with the decrease of purchasing power over time.
What is inflation?
The system of Free Enterprise, part of the US mixed economy, is protected and promoted by the government providing these 2 services.
What are patents and copyrights?
Homegoods sells lamps from both US and China, however the company must pay 21% tax on the lamps from China.
What is a tariff?
This is why the US isn't a pure market economy.
What is government intervention with things such as taxes and regulations?
This branch of government can both raise or lower taxes. It is the only branch that can do so.
What is the legislative branch?
This is the central banking system of the United States.
What is the Federal Reserve?
This is the total money owed by the United States
What is the national debt?
Your grandfather has a large net worth. It includes 2 beach house, a country farm, and assets nearing $100 million. Upon his untimely death, his heir pays $20 million in this tax.
What is estate tax?
In this sort of economy, if a company notices that the opportunity for profit is higher if they make phones rather than watches, they can do that in anyway that the please, based on the demand for the good. There is no government regulation.
What is a market economy?
When taxes go up, consumers typically will react in this way.
What is spend less money?
This is the definition of monetary policy.
What is the management of the economy by changing the money supply and/or interest rates.
This is how much money the government spends beyond what it brings in through revenue.
What is the deficit?
Missouri votes to add $.85 to cigarettes for a stop smoking campaign.
What is an excise tax?
A business in this sort of economy can decide what to produce, how to do it and who to produce it for if they abide by fair trade policies.
What is a mixed market economy?
These are welfare programs funded as part of fiscal policy.
What are social security, medicare and medicaid?
During a time period of inflation, the Federal reserve would likely do this to interest rates in order to decrease the amount of money in circulation.
What is raise the interest rates?
This is the last day to file federal income tax.
What is April 15?