All About Taxes
This is the most common type of tax, taken directly from your paycheck based on how much you earn.
What is Income Tax?
This type of spending is required by law and includes programs like Social Security and Medicare.
What is Mandatory Spending?
This is the central banking system of the United States, created in 1913.
What is the Federal Reserve (The Fed)?
In this system, the "means of production" (factories, farms) are owned by private citizens for profit.
What is Capitalism?
A general increase in prices and the fall in the purchasing power of money.
What is Inflation?
This type of tax is a flat percentage added to the price of goods at the store; it often hurts low-income earners more.
What is Sales Tax?
This is the yearly shortfall when the government spends more money than it takes in from taxes.
What is a Deficit?
The Fed’s "Dual Mandate" is to keep these two things stable and low.
What are Inflation and Unemployment?
In this system, the government owns all property and decides what will be produced and at what price.
What is a Command Economy (or Communism)?
This is the total amount of money the federal government owes, accumulated over many years.
What is the National Debt?
This is a specific tax on property owners, used mostly to fund local schools and police departments.
What is Property Tax?
This type of tax takes a larger percentage from high-income earners (the more you make, the more they take).
What is a Progressive Tax?
If the Fed wants to "heat up" the economy, they would take this action regarding interest rates.
What is lower them?
Adam Smith’s metaphor for the way competition and self-interest naturally guide the market.
What is the Invisible Hand?
What is a tariff?
What is a tax on imported goods?
What are three basic categories of what an average citizen gets taxed on?
What is on what you earn, buy, and own?
A "Sin Tax" on items like alcohol or tobacco is technically known as this type of tax
What is an Excise Tax?
The name for the percentage of deposits that banks must keep in their vaults and cannot lend out.
What is the Reserve Requirement?
This is the term for a situation where inflation is high and unemployment is also high at the same time.
What is Stagflation?
Why are tariffs controversial?
What is they tend to raise the price of goods for domestic consumers while starting retaliatory trade wars?
These two terms describe whether a tax takes a larger percentage from the rich or a larger percentage from the poor.
What are Progressive and Regressive?
If the government wanted to "cool down" the economy using Fiscal Policy, they would do these two things.
What is raise taxes and/or decrease government spending?
Who is the CURRENT Chairman of the Federal Reserve and who is he being replaced by?
Who is Jerome Powell and Kevin Warsh.
What are the key differences between communism and socialism?
What is socialism allows private property and rewards contribution. Communism is meant to be a classless, stateless society, where resources are distributed based on need.
Why is the Federal Reserve designed to be independent from the President and Congress?
What is to prevent economic decisions from being made for short-term political gain/elections?