Tax Structures
Federal Taxes
Federal Spending
State and Local taxes and spending 8.4
Federal Budget and Fiscal Policy 9.1
100

A tax for which the percentage of income paid in tax increases as income increases. 

Progressive Tax

100

This is collected directly from the person or entity that pays it. 

Direct Tax

100

Money that Congress is required by law to spend on certain programs or to use for interest payments on the national debt. 

Mandatory Spending

100

The estimate of future revenues and expenses. 

Budget

100

The use of government spending and revenue collection to influence the economy. 

Fiscal Policy

200

This tax uses a company's profits as its base. 

Corporate Income Tax
200

Set amounts that you subtract from your gross income for yourself, your spouse and any dependents. 

Personal Exemptions

200

Spending about which lawmakers are free to make choices. 

Discretionary spending

200

The state puts together this plan for its day-to-day spending needs.  It includes salaries and supplies needed to run the government. 

Operating budget

200

Fiscal Policy intended to decrease output. 

Contractionary Policy.

300

A tax for which the percentage of income paid in taxes remains the same at all income levels. 

Proportional Tax

300

A form used to file income taxes. 

Tax return.

300

This program pays for hospital care and for the costs of physicians and medical services.  It also pays healthcare bills for people who suffer from certain disabilities and diseases. 

Medicare

300

Non profit organizations, including religious groups and charities are usually this, that is, they are not subject to taxes. 

Tax Exempt

300

A written document estimating the federal government's revenue and authorizing its spending for the coming year. 

Federal Budget

400

This tax is levied on the sale of goods and services in many states.

Sales Tax

400

Amounts that you can subtract, or deduct from your gross income. 

Tax deductions

400

These benefits low income families some people with disabilities and elderly people in nursing homes. 

Medicaid

400

An official who determines the value of the property. 

Tax Assessor

400

A 12 month period used for budgeting purposes. 

Fiscal Year

500

The percentage of income paid in taxes decreases as income increases. 

Regressive Tax

500

A person's gross (or total) income minus exemptions and deductions. 

Taxable Income

500

Social welfare program that people benefit from if they meet certain eligibility requirements, such as being at a particular income level or age. 

Entitlements

500

People who own land have to pay this tax on the value of the land or house on the land. 

Property Tax

500

A bill that authorizes a specific amount of spending by the government. 

Appropriations Bill

M
e
n
u