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A higher tax on items that are considered harmful
Sin Tax
Gives higher tax rate on individuals with higher incomes
Progressive Tax
The specific year that an organization uses for accounting/financing purposes
Fiscal Year
The tax on your assets after your death
Estate Tax
Expenditures=Revenue
Balanced Budget
A provision in the laws making it possible for people can reduce their taxes
Tax loophole
The tax rate paid on your last dollar of income
Marginal Tax
Allows government agencies to spend money for specific purposes
Appropriation Bills
Setting aside money for a specific purpose
Earmarks
A revision to a certain document
Amendment
Known for being derived from domestic sources
Internal Revenue
A tax that is the same regardless of income
Flat Tax
The cost of this tax is split between the employer & employee
The power to reject specific parts of a bill without rejecting the whole bill
Line-item veto
Used to fund essential local services & infrastructure
Property Tax
Some tasks include: Collecting revenue, processing returns, enforcing tax laws
Service(IRS)
Taxes placed on goods/services from production to point of sale
Value-added tax
Federal payroll tax that funds Social Security & Medicare programs
FICA
The legal right to an asset/income
Entitlements
A higher tax on something such as alcohol
Sin Tax
Tax return
Gained when an asset is sold for more than the original cost
Capital Gains
A tax applied to a company's total revenue after business expenses are subtracted
Corporate Income Tax
Once this is reached the government cannot issue new debt
Debt ceiling
Allows tax payers to exploit certain technicalities
Tax loophole