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What are Taxes?
Federal Taxes
Federal Spending
State and Local Taxes and Spending
All of the Above
100
A tax for which the percentage of income paid in taxes increases as income increases.
What is progressive tax?
100
Old-Age, survivors, and Disability Insurance.
What is Social Security?
100
Spending on certain programs that is mandated, or required by existing law.
What is mandatory spending?
100
Budget for major capital, or investment, expenditures.
What is capital budget?
100
A tax for which the percentage of income paid taxes decreases as income increases.
What is a regressive tax?
200
The final burden of a tax.
What is incidence of a tax?
200
Taking tax payments out of an employee's pay before they receive it.
What is withholding?
200
Spending category about which government planners can make choices.
What is discretionary spending?
200
Physical property such as land and buildings.
What is real property?
200
Variable amounts that you can subtract, or deduct, from your gross income.
What are deductions?
300
A tax on the value of a company's profits.
What is corporate income tax?
300
A tax o the estate, or total value of the money and property of a person who has died.
What is an estate tax?
300
Entitlement program that benefits low-income families, some people with disabilities, and elderly people in nursing homes.
What is Medicaid?
300
Budget for day-to-day expenses.
What is operating budget?
300
A tax on the dollar value of a property.
What is sales tax?
400
A tax for which the percentages of income paid in taxes remains the same for all income levels.
What is proportional tax?
400
A tax on money or property that one living persons gives to another.
What is a gift tax?
400
Welfare program that people are "entitled to" if they meet a certain eligibility requirement.
What is entitlement?
400
The major source of TAX revenue for local governments.
What is property tax?
400
Tax on an imported goods.
What is tariff?
500
A tax on a person's earnings.
What is personal income tax?
500
A tax on the sale or production of a good, such as gasoline.
What is an excise tax?
500
Another name for "estate tax?"
What is "death tax?"
500
Possessions such as jewelry, furniture, and boats.
What is personal property?
500
A required payment to a local, state or national government.
What is tax?