Cat 1
what are taxes?
Money collected by the government
what do taxes do?
Pay for government spending
what is sales tax
a tax placed on most consumer goods
true or False: Every state phas a state income tax
False
what is a type of tax?
Income Tax, property tax,
who has to pay taxes?
Everyone
what is exempt from sales tax
Essentials such as most foods and water
Who is the best player in the NFL?
Josh Allen
what are the 3 characteristics of tax
quality, efficiency, simplicity
what is an indirect tax?
a tax that can be passed on to others to pay
True or False: You have paid taxes before
True
What is the main goal of business?
Profit/ make money
what is a direct tax?
A tax that cannot be passed onto others
what is a progessive tax?
A tax that puts a higher percentage for higher incomes
what is a proportional tax?
A Tax that taxes everyone the same percentage of taxes
To fight for better working conditions for workers
what is incedence of tax?
who pays the tax
what is a regressive tax?
a tax that puts a higher percentage on lower incomes
what is a sin tax?
A tax on morally suspect goods (tobacco, alcohol)
if someone who makes $60 pays 10% in income tax but someone makes $200k pays 15% in income tax what kind of tax is this?
Progressive tax