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Taxes
Types of tax
Spending
Economics
Extra
100
Tax withheld from your paycheck
Payroll tax
100
A tax that charges the weathy more
Progressive tax
100
The income the government collects
Revenue
100
Cabinet Department that prints money and collects taxes
Treasury Department
100
Individuals and corporations own the factors of production and compete in the free market to make a profit
Capitalism
200
Tax on property
Property tax
200
A tax that everyone pays the same percent
Flat tax
200

When the government spends more than they collect

Deficit
200
Executive agency that helps the President write the budget
Office of Management and Budget
200
Government owns the factors of production; citizens do not have private property or freedom of speech
Communism
300
Tax on income
Income tax
300
A tax that requires a heavier burdon on low incomes
Regressive tax
300

When the government collects more than they spend

Surplus
300
Economic policy that advocates government spending to stimulate the economy

Keynesian economics

300
Programs that citizens have paid into and are required to receive benefits 
Entitlement programs
400
Tax on a fur coat
Luxury tax
400
Tax on imports
Tariff
400
Spending one has to decide on

Controllable spending

400

Economic philosophy that advocates tax cuts and laissez faire

Hayek economics

400
This type of tax is progressive
Income tax
500
Tax on inheritance
Estate tax
500
Example of a regressive tax
Sales tax
500
Bills one must pay
Uncontrollable spending
500
Central bank of the US established in 1913 that provides the country with a safe, flexible and stable financial system
Federal Reserve Bank
500
Name a US example of a flat tax
There is none