Effect of Taxes
Tax Reform
Types of Taxes
Where's the money come from?
Vocabulary
100
A tax designed to reduce the use of socially unexceptable products (impact consumer behavior).
What is a sin tax?
100
This tax reform act instituted the Alternative Minimum Tax.
What is the tax reform act of 1986?
100
A general tax levied on consumer purchases of nearly all products.
What is a sales tax?
100
Largest source of federal government revenue.
What is individual income tax?
100
Federal health care program available to all senior citizens, regardless of income.
What is Medicare?
200
The final burden of a tax.
What is incidence of tax?
200
The act that introduced the investment tax credit.
What is the Economic Recovery Tax Act of 1981?
200
A tax on the transfer of money or wealth and is paid by the person giving the money.
What is a gift tax?
200
A simple tax levied at the state and local levels; top source of state income after intergovernmental revenues.
What is a sales tax?
200
A tax which is levied on employers and employees equally to pay for Social Security and Medicare.
What is FICA?
300
When the greatest burden of a tax is put on the consumer.
What is inelastic demand?
300
Tax reform driven by the need to balance the federal budget.
What is Tax Reform Act of 1993?
300
A tax on the transfer of property when a person dies.
What is the estate tax?
300
Largest source of local government revenue after inter-governmental revenues.
What is property tax?
300
System that requires an employer to automatically deduct income taxes from a worker's paycheck and send them directly to the IRS.
What is Payroll withholding system?
400
The impact of taxes on the factors of production.
What is resource allocation?
400
Tax reform that initially reduced captial gains tax.
What is the Taxpayer Relief Act of 1997?
400
What type of tax is Medicare? (progressive, proportional, or regressive)
What is proportional?
400
A tax on the manufacture or sale of a selected item.
What is an excise tax?
400
Proportional tax on individual income after a specified threshold has been reached.
What is a flat tax?
500
When taxes change the incentive to save, invest and work, they impact this.
What is productivity and growth?
500
Tax reform that instituted a temporary 10 year tax cut.
What is the Tax Reform Act of 2001?
500
What type of tax is exempt in these seven states: Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming?
What is state income tax?
500
A charge levied on goods bruoght into the U.S. from other countries.
What is a customs duty?
500
Tax on tangible and intangible possessions.
What is a property tax?
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