Intergovernmental revenues are generally intended for ________ and _________.
Education and Public Welfare
100
A ________is a type of tax that imposes a higher percentage of taxation on lower incomes than on higher incomes.
Regressive Tax
100
The _________is a reduction in business taxes based on investment in new plants and equipment. Trump probably uses this loophole a lot.
Investment Tax Credit
100
What are the three largest sources of revenue for local governments?
Utilities & (liquor store income, where applicable)
property tax
intergovernmental revenues
100
_________is a very simple tax levied on the majority of consumer purchases.
Sales Tax
200
The __________is the system requiring employers to deduct income taxes from employee paychecks and send it directly to the government.
Payroll Withholding System.
200
An_________is a tax levied on property left to an heir when a person dies.
Estate Tax
200
_________are profits from the sale of an asset held for 12 months or more.
Capital Gains
200
What are the three criteria for effective taxes?
Equity
Simplicity
Efficiency
200
What type of taxes are Medicare and FICA?
Payroll Taxes or Payroll Deductions
300
DAILY DOUBLE!! _______is the upward revision of the tax brackets to compensate for the effects of inflation due to cost of living allowances.
Indexing
300
A ________is a relatively high tax on socially undesirable products, such as tobacco, alcohol, and gambling winnings. And being ________is something those three things all have in common
Sin Tax or Behavior Adjustment Tax; addictive
300
A _________is the person that assigns a value to property for tax purposes.
Tax Assessor
300
What is the "Incidence of a tax?"
It refers to those who bear the final burden of taxation
300
An_____ is a (somewhat random) tax on the manufacture and sale of selected items such as gasoline, tires, etc.
Excise Tax
400
A _________ is an additional tax above and beyond the base rate.
Surcharge
400
________is a tax on tangible and intangible possessions, such as real estate, buildings, furniture, stocks, bonds, and bank accounts.
Property Tax
400
For Economics U$A, I'm __________.
David Schumacher
400
DAILY DOUBLE!! Where does the authority to levy a federal income tax come from? (Amendment & year)
The Sixteenth Amendment, 1913
400
Which type of tax greatly simplifies the tax process?
Flat Tax
500
__________is the single largest source of revenue for the federal government.
Individual Income Tax
500
I have been called a charlatan, but I am more commonly referred to as "the guru of the tax revolt"
Arthur Laffer
500
_________ is larger than normal depreciation, which allowed firms to reduce federal income tax payments.
Accelerated Depreciation
500
We'll turn to our Economic Analyst, ______________ to determine whether or not Trump cheats on his taxes.
Richard Gill
500
Which type of tax has everyone paying the same percentage regardless of their income?