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VOCAB
VOCAB THE SEQUEL
100
percentage of taxes stay the same
What is proportional tax
100
the tax percentage of people who make less money is higher than people who make more money
What is regressive tax
200
people that can afford to pay taxes should pay more
What is ability-to-pay principle
200
tax rate that applies to the next dollar of taxable income
What is Marginal Tax Rate
300
People earning benefits from the government pay more in taxes
What is benefit principle?
300
people who earn more money pay higher percentage in taxes (U.S.)
What is progressive tax
400
Final Burden of a Tax
What is incidence of a tax
400
Federal health care plan for senior citizens
What is medicare
500
When the government puts taxes on cigarettes, alcohol, or other undesirable products
What is a sin tax
500
total tax paid divided by total tax of income, percentage stays the same
What is average tax rate