Fairness or equity, adequacy,
low costs of collection,
impact/incidence,
neutrality,
predictability
What are characteristics of a viable tax system?
100
Provides broad public benefits and should be made available to all eligible citizens of a country
What is EDUCATION?
100
LEVIED AGAINST THE OWNER OF REAL OR PERSONAL PROPERTY FOR INDIVIDUALS AND BUSINESSES.
What is a Property tax?
100
Taxes imposed distinctively on removal of natural products
What are severance taxes?
200
The taxable value of the items or objects being taxed
What is the TAX BASE
200
The relationship between taxes paid by an individual and their income
What is the tax burden?
200
Benefits that are external to the person or jurisdiction that paid for it
What are externalities?
200
The first kind of school taxes
What is PROPERTY TAX?
200
One system of raising funds for state governments
What is the lottery?
300
The levy or amount of revenue that us raised from the tax
What is TAX YIELD
300
Governments depend on taxes for
What is funding?
300
Requires diversification with a broad tax base
What is TAXATION THEORY?
300
Pressure for higher salaries exerted by strong unions, high costs for building sites, high costs for noneducational services, and pressure to pay other local government programs
What is MUNICIPAL OVERBURDEN?
300
Production, Conservation, or Mine Occupation Taxes
What are levies?
400
1) THE TAX BASE, 2) THE TAX RATE, 3) THE TAX YIELD
What ARE THE THREE VARIABLES OF TAX FUNCTION
400
This allows governments to predict future income and expenditures with some accuracy and assure that revenues will be available to meet their needs
What is CONSISTENT OR STABLE REVENUE
400
The percent of a person's income devoted to state taxes
What is 10%
400
Designed to assure the property taxes of people with low incomes will not exceed a stated portion or percentage of their annual income
What is the circuit breaker?
400
Involve national or state task forces, private industry councils, school boards, and city councils.
What are partnerships in policy
500
A GOOD MEASURE OF AN INDIVIDUAL'S ECONOMIC WELL BEING or ability to pay.
What is INCOME?
500
The point of tax imposition or the person who receives the bill.
What is THE IMPACT OF TAX?
500
Principle taxes used to transfer funds to the public sector
What are property, personal, corporate, and sales taxes?
500
Reduce property taxes by lowering the assessed value of the principal residence
What are homestead exemptions?
500
Its expected when businesses and industries "foot the bill" when involved in school-business partnerships