Tax Types
A tax where the tax percentage increases as income increases.
Progressive
Taxes collected by cities and counties.
Local
Federal income taxes help fund this national protection program.
Defense
Program providing retirement income for qualifying recipients.
Social Security
Texas does not have this type of state tax on personal income.
Income Tax
A tax that places a greater burden on lower-income individuals.
Regressive
Taxes that fund programs for an individual state.
State
Employment taxes help fund this retirement program.
Social Security
Health insurance program primarily associated with advanced age.
Medicare
A tax on extracting oil, gas, or other natural resources.
Severance Tax
The main example of a regressive tax discussed in class.
Sales Tax
Taxes that fund national programs and services.
Federal
Taxes on natural resources may help fund these institutions.
Public Schools
Medical insurance program for qualifying low-income individuals.
Medicaid
A tax charged on staying overnight in a hotel.
Hotel Tax
A tax based on the value of land or buildings.
Property Tax
Property taxes are commonly collected at this level.
Local
Local property taxes commonly help fund these educational institutions.
Schools
Taxes paid by workers and employers from earnings.
Payroll Taxes
A tax based on assets transferred after someone's death.
Estate Tax
A tax on gifts above a certain threshold.
Gift Tax
Federal income taxes are collected at this level.
Federal
Sales taxes may help pay for these first-responder services.
Emergency Services
The maximum amount of income subject to certain taxes.
Earnings Limit
The money people have left to spend after taxes is called this.
Disposable Income