Criteria for Taxes
Principles of Taxes
Gov't Sources of Revenue
Misc. Taxes
Economic Downturn
100
This criterion for taxes, says that taxes should be fair and just.
What is "Equity"?
100
This principle says you should pay taxes in proportion to the benefits you receive from the government.
What is the "Benefit Principle"?
100
The largest portion of gov't revenue comes from this type of tax.
What is the income tax?
100
This type of tax is applied to the total value of a property when he or she dies.
What is estate tax?
100
The interest rate on this type of mortgage is not fixed and may go up or down.
What is A.R.M. (Adjustable Rate Mortgage)?
200
This criterion for taxes says that taxes should be easy to understand for payers and collectors.
What is "Simplicity"?
200
This principle says you should pay taxes according to your wealth.
What is the "Ability to Pay" principle?
200
This tax is placed on all incomes up to $97,000 and helps pay for Social Security.
What is F.I.C.A.?
200
Taxes placed on goods brought in from another country.
What are custom duties?
200
When these went down, many people were no longer able to refinance their mortgages.
What are house prices?
300
This criterion says that taxes should be able to generate a lot of revenue without too much cost.
What is "Efficiency"?
300
This type of income tax says applies the same tax rate (percentage) across all incomes.
What is "proportional tax"?
300
The government borrows money through the sale of these.
What are bonds?
300
Taxes were changed in the 1990s when they added 2 more of these.
What are tax brackets? (36% and 39.5%)
300
Banks created this type of investment when they bundled mortgages together to be bought and sold by large banks.
What is a "mortgage backed security"?
400
The sales tax best fulfills this criterion.
What is "Simplicity"?
400
This type of tax puts a greater burden on the poor.
What is "regressive" tax?
400
This type of tax is graduated and is similar to individual income tax accept it isn't applied to people.
What is corporate tax?
400
The "Bush" tax cuts gave most of the benefits to this group of taxpayers.
Who are the rich?
400
The gov't bought these bad mortgages and investments so that banks would have $ to make loans.
What are "toxic assets"?
500
The income tax best fulfills this criterion.
What is "Efficiency"?
500
Our graduated income tax is this type of tax because it puts a higher rate (percentage) of tax on the wealthy.
What is "progressive" tax"?
500
This type of tax is placed on specific goods and services like liquor, cable TV, phone etc.
What is excise tax?
500
This type of tax is paid on the profits of stock sales.
What is capital gains?
500
When banks do not have $ to lend, and are unable to make loans it is referred to as this.
What is a "credit crunch"?
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