Fiscal Policy
The government uses this pay for government programs and influence behavior
What is taxes?
Takes larger percentage of income from people with low incomes than large incomes.
What is regressive tax?
These taxes are used to pay Old-Age, Survivors, and Disability Insurance also known as
What is Social Security?
A regressive tax assigned certain goods and services by state and local governments.
What is sales tax?
A regressive tax assigned certain goods and services by state and local governments.
What is sales tax?
What does the government apply extra taxes on (fiscal policy)
What is tobacco and alcohol?
Takes a larger percentage of income from high-income person than a low income person.
What is Progressive Taxes?
Taxes are used to pay for _______ which provides healthcare to the elderly regardless of income.
What is Medicare?
Taxes on property; houses, factory buildings, condominiums, land. Vehicles, boats, etc.
What is property tax?
The percentage of a person’s income that is taxed.
What is tax rate?
(Taxes) -Who relies on a combination of collected funds.
What is the government?
(Flat Rate Taxes) Same percentage of income from all individuals & all income levels.
What is Proportional Taxes?
The tax levied on employers and employees to fund the Social Security program in the US.
Social Security Taxes
Used to finance education, police & fire protection, & sanitation.
What is property tax?
This money comes out of my check every month to support the elderly and Medicare.
What is social security tax?
Government program of spending, borrowing, and taxation to promote desired economic goals for the nation
Fiscal Policy
The three types of taxes are...
What is Proportional, Progressive, Regressive?
Tax on the profits of a corporation that generate revenue for a government.
What is Corporate Tax?
(Flat Rate Taxes) Same percentage of income from all individuals & all income levels.
What is proportional taxes?
Taxes on my house and my truck
What is personal property tax?
What does the government use taxes to pay for?
What is road construction, police force, national defense, education & welfare?
Progressive tax of a person’s income including wages, salary, interest, dividends, and tips.
What is Income Tax?
Progressive tax of a person’s income including wages, salary, interest, dividends, and tips.
What is income tax?
Takes a larger percentage of income from high-income person than a low income person.
What is Progressive Taxes?