Show:
Tax Sources
Tax Types
Incidence
Economics
2016
100
The federal government gets most of its tax revenue from this.
What is income taxes?
100
Women are fighting the "Tampon Tax" because it is this type of tax.
What is regressive? (Takes bigger proportion of income from poor than rich.)
100
The word "levy" refers to this, when speaking of taxes.
What is: the party that must send a check to the government to pay for a tax?
100
A tax creates a wedge between these two things.
What is the price the buyer pays, and the price the seller receives?
100
These three candidates want to reduce federal tax revenues.
Who are the Republicans (Trump, Cruz and Kasich)?
200
Most states get the bulk of their revenue from this regressive tax source.
What is sales tax?
200
The current federal income tax is this type.
What is progressive (takes larger proportion of income from wealthy than poor)?
200
Tax incidence refers to this.
What is who REALLY pays the tax, or who bears the tax BURDEN?
200
The economic activity/benefit lost on account of a tax is called this.
What is "dead weight loss"?
200
This candidate's tax plan is most similar to the existing federal tax structure.
Who is Hillary Clinton?
300
Local governments pay for schools and other local services primary with this.
What is property tax?
300
The social security tax, which takes a flat 6.2% for income under $118,500, is considered this (for income below that threshold).
What is proportional?
300
For most taxes, the tax incidence is paid by this.
What is BOTH the buyer and the seller?
300
The Laffer Curve shows this.
What is tax revenue as a function of tax rates?
300
This candidate is the only one proposing a flat income tax, 10% across the board.
Who is Ted Cruz?
400
This tax on gas, cigarettes, alcohol, and other goods is often called this. (Two possible answers)
What is a luxury tax or a sin tax?
400
A sales tax is typically considered this.
What is regressive (takes higher proportion of income from poor than rich)?
400
This factor determines whether the buyer or seller will bear a larger share of the tax burden.
What is (price) elasticity, with the less elastic side of the market paying the greater share?
400
While nearly all economists agree with Laffer's Curve, they disagree on this.
What is the tax rate that will maximize total revenues?
400
This candidate wants to increase federal taxes the most (an estimated $15 trillion from 2017-2026).
Who is Bernie Sanders?
500
Individuals/households can lower their tax burden through these (identify the term and provide 2 examples).
What are tax deductions (like mortgage interest payments, contributions to charitable organizations, contributions to retirement accounts, and state/local taxes)?
500
Sales tax may be more progressive than regressive in this circumstance.
What is, if it is applied to goods that wealthy people buy and poor people don't, like expensive luxury goods?
500
When a tax is imposed, these two things go down on a supply and demand graph.
What is 1) quantity of good/service taxed, and 2) the price the seller receives?
500
All economists agree that taxes should never go over this point.
What is the maximum revenue point on the Laffer Curve.
500
This candidate proposes to reduce federal taxes the most, an estimated $9.5 trillion from 2017-2026, equivalent to 4% of GDP.
Who is Donald Trump?