We Talkin' Bout Taxes
These are the three levels that taxes are collected on.
Services or benefits deemed to be of high importance in the function of society that is provided by the government with tax revenue for the common good.
Essential Services
This type of property includes land, buildings and other structures, and any improvements to the property/land.
Real property
This type of tax is assessed on goods and services purchased in the state. Each state has the abilitiy to decipher this type of tax. Businesses who collect these taxes must send to government.
Sales Tax
This tax is a general term that includes property taxes and tariffs on imported items. The larger the value, the larger the tax paid.
Ad Valorem Tax
This program provides affordable housing units, supplemental income for assistance for paying rent. It is designed to prevent homelessness in America.
Housing Assistance Program
This is a type of taxation system. This means for each income bracket you reach, the percentage of tax paid increases. Not all your income is taxed at the same rate.
Marginal Tax Rate
A tax on profits made by businesses during a specific time period.
Corporate Tax
This tax is based on the process of selling asset for more than you paid for it. Some of these assets include stocks, bonds, and other investments.
Capital Gains Tax
When calculating your taxes these items reduce the amount of income before any deductions. These are also known as optional deductions (student loan interest & retirement contributions).
Adjustments
Can be defined as government programs that are designed to help citizens from economic risk. Individuals that benefit from these programs are usually people that earn low income.
Social Welfare Program
A tax applied by means of imposing a uniform tax on goods and products. Those who have lower incomes pay a larger percentage of their income on taxable items.
Regressive Tax
This is a tax on the assets (anything of value) received from a deceased person.
Inheritance/Estate Tax
This is a type of tax paid by an individual or entity on an owned property. It is based on the assessed value of real property and some tangible personal property. In the U.S., these taxes are generally levied by state and local municipalities and used to fund school districts, community amenities and other local expenses and projects.
Property Tax
A portion of your income that is not subject to taxation, which helps to reduce your tax bill each year.
Standard Deduction.
Provided by many local and state governments that are meant to provide free/affordable assistance for children of working parents.
Childcare Assistance Programs
Regardless of income level, everyone pays the same percentage of tax.
Proportional (Flat) Tax
This type of property is tax most commonly only on major property holdings, such as a car or boat.
Personal property
Taxes placed on specific items purchased by the public such as gasoline, cigarettes, and alcohol.
Excise Tax
Personal expenditures that can be deducted from your adjusted gross income instead of using the standard amount set by the IRS. (Home office use, mortgage interest, and charitable contributions)
Itemized Deductions
This program provides credits that can be used in lieu of cash to purchase food items. It is one of the most widely used and important social welfare programs in America.
Food Stamps/SNAP Benefits
Those who have higher incomes pay a larger percentage of their incomes to the tax. As you earn more you pay more in tax.
Progressive Tax
This is the income received by the government through taxation.
Tax Revenue
This type of tax is levied on the wages, salaries, investments, or other forms of income an individual or household earns. The U.S. imposes a progressive type of this tax.
Income Tax
What the government uses to calculate the taxes you must pay.
Taxable Income