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Federal Taxes must
be the same in every state
What document gives the government the right to tax
The constitution
The three tax structures are
Progressive, Proportional, Regressive
Examples of a tax bases are
Individual, Corporate, Property, and Sales taxes
Mandatory Spending is
money that Congress mandated, or required, by existing law to spend on certain programs or to use for interest payments on the national debt
Exports ____ be taxed
The first tax on income was when
During the Civil War
An example of a progressive tax is
Federal taxes
Individual Tax are based on
A persons income
Discretionary Spending is
spending about which lawmakers are free to make choices (must be authorized each year
If demand is elastic, the seller
bears the burden of tax
How has social security spending changed over time
It has increased significantly (baby boom)
As income increases so does the amount of taxes to be paid- This is an example of
Progressive Tax
Cooperate Tax is based on
A companies income
An entitlement program is...
a social welfare program
Taxes are limited to what
Common defense or common welfare
Who has the power to tax
The legislative branch
Proportional taxes
stay the same no matter the persons income
Property tax is based on
Real Estate Value
Medicaid benefits...
Benefits low-income families, some people with disabilities, and elderly people in nursing homes
Incidence of a tax is
the final burden of the tax, or who ends up paying it
How long have taxes been around
Taxes date back to ancient Egypt
A regressive tax is when
percent of taxes decreases as your income increases
What is the largest section of taxes that goes towards government funds
Individual Taxes
What group takes up over 50% of Discretionary Spending
Defense Spending