Kinds of Taxes
Kinds of taxes Cont
Seriously
Spending
WHAT THE...
100
Sin tax
What is a tax placed on goods and services that a government wants you to avoid?
100
Gift Tax
What is a tax on things people give to you?
100
Criteria for an effective tax
What is efficiency, equity, simplicity?
100
discretionary spending
What is spending that congress has the ability to change?
100
12
What is the number of surpluses since 1940?
200
Progressive Tax
What is a kind of tax that the more income you make the higher percentage of taxes you pay?
200
The death tax
What is the other name for estate tax?
200
ability to pay principal
What is the idea that those who have the ability to pay taxes should be taxed
200
examples of non discretionary spending
What is social security, medicare, welfare
200
About of money that the debt has risen since 2008
What is 9 Trillion?
300
Proportional tax
What is a tax that taxes the same % of taxes from all incomes?
300
Tax on Tires, gasoline, sin tax
What is excise tax?
300
payroll withholding system
What is the system set in place by the federal government to take taxes out of your paycheck?
300
#1 expenditure until 2015
What is military spending?
300
Education
What is the number 1 local government expenditure?
400
Social Security and Medicare
What is FICA?
400
4th largest revenue for the federal government
What is corporate tax?
400
benefit principal of taxation
What is the idea that those who benefit the most from taxes should be taxed the most?
400
budget deficit
What is when the government spends more money than it takes in?
400
the difference between public vs private debt
What is private debt is individual, company, or other government?
500
Individual income tax
What is an example of a progressive tax?
500
6.2 % of your income
What is social Security?
500
Number 1 tax revenue for the state
What is intergovernmental revenue?
500
10/1 to 9/30
What is the fiscal year?
500
Flat tax
What is a tax that is the same for everyone across the board no matter the income?
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