Local
The biggest source of Local revenue is what tax?
Property Tax
Not subject to taxes..
Tax Exempt
Name the two categories of federal spending.
Mandatory and Discretionary
Income received by a government from taxes and nontax sources.
Revenue
Tax laws should be simple and easily understood.
Simplicity
The biggest source of local spending is what?
Education
By law, the operating budget of a state must be what?
Balanced
Name one of the two biggest sources of federal discretionary spending.
Defense and Education
Who was given the authority to levy taxes by the Framers of the Constitution?
Congress
Collecting or paying taxes without spending to much time and money.
Efficiency
An official who determines the value of property.
Tax Assessor
Name one of the two biggest sources of State tax revenue.
Sales tax & Individual Income tax
A way of collecting taxes from the salaries of employees.
withholding
The final burden of a tax.
Incidence of Tax
It should be clear to the taxpayer when a tax is due, and how it should be paid.
Certainty
A tax in which the percentage of income paid in taxes decreases as income increases.
Regressive
State governments build and maintain ___________.
Highways
Entitlement program that benefits the poor and disabled.
Medicaid
All federal income tax returns must be sent to the IRS by midnight on what date?
April 17
Tax systems should be fair, so that no one bears too much or too little of the tax burden.
Equity
Local Revenue is used to pay the salaries of ___________ and ____________.
Teachers and Police
Because trade and commerce are considered national enterprises, states cannot tax ________ or _________.
imports or exports
By 2050, _____ people will be paying into social security while _________ person collects.
2 & 1
A tax on the dollar value of a good or service being sold.
Sales Tax
Paying gasoline taxes that build and maintain highways is an example of what principle?
Benefits-Received Principle