Tax Types
This is a kind of tax where all income earners pay the same percentage.
Proportional
The Federal government has these basic powers regarding money.
1. Coin it
2. Collect it (taxes)
3. Borrow it
The Federal government monitors the health of the environment with this organization.
EPA (Environmental Protection Agency)
This is one of the ways we can assess the economy's health.
GDP/Inflation
These are the two main ways local governments earn money.
1. Sales tax
2. Property tax
This is a kind of tax in which the percentage increases based on income.
Progressive.
These are two negative things that can happen if the government regulates too little.
2. Unsafe working conditions
3. Environmental damage
4. Unsafe products
5. Unstable economy
6. No economic security
This man created the New Deal and married his cousin.
FDR.
the 2008 Recession happened because of a crash in this industry.
Housing.
This is the term for spending more than your income.
Deficit.
This is a kind of tax in which lower income earners pay proportionally more than high income earners.
Regressive.
These are the names of the anti-trust acts.
Clayton and Sherman.
OSHA serves this purpose.
Safety and health standards.
A high GDP indicates a healthy ________.
economy
This is the term for spending less than your income.
Surplus
This is a prominent example of a regressive tax.
Sales tax.
Give three ways that the government fixes economic problems.
2. Make direct payments to individuals
3. Government produces goods and services
4. Pay for important economic activities
5. Control money that is spent and received
6. Collect special taxes
This federal institution pays for families after retirement.
Social Security.
GDP stands for and is defined as
Gross Domestic Product
The combined dollar value of all final goods and services produced in a country in a year.
This is the name for the total amount of money the government owes to its lenders.
National Debt.
Name three of the five traits of a good tax.
1. Efficient/economical
2. Good reasoning
3. Treat payers impartially/fairly
4. Certain
5. Simple/Convenient
Define a Trust.
The New Deal also created this organization which provides healthcare.
Medicare.
Give an example of a thing that the government issues a special tax on.
Gas, cigarettes, etc.
This is the term for the general rise in prices of goods and services.
Inflation.