The type of tax takes a lower percentage from high incomes than from lower incomes
What is Regressive Tax?
100
Tax you will pay only to NY off of your income.
What is State Income Tax?
100
Tax that is paid on goods you buy in the store
What is Sales Tax?
100
GDP Stands for
What is Gross Domestic Product?
100
Vote for one another’s proposed legislation.
“If you vote for the law I want, I’ll vote for the law you want. So we both get what we want.”
What is Log-Rolling?
200
The type of tax that takes the same percentage of your income not matter what it is
What is Proportional?
200
Tax you pay the federal government on your income
What is Federal Income Tax
200
Tax you pay for twice a year for the land you live on?
What are property taxes
200
The total dollar of the goods and services made in a country or by company whose headquarters are located in a country over a specific period of time.
What is GDP (Gross Domestic Product?
200
Economic theory that states that individuals with similar income and assets should pay the same amount in taxes. (Regardless of the type of job they may have)
What is Horizontal Equity?
300
The type of tax takes a larger percentage from higher incomes than from lower ones
What is the progressive tax
300
State Tax you pay on the value of something you get left in a will by a deceased relative.
What is Inheritance Tax?
300
Taxes companies pay based on their profits
What is Corporate Income Tax
300
A macroeconomic term for the measure of the value of products adjusted for price changes of time (inflation)
What is Real GDP
300
Method of collecting income tax in which the taxes paid increase with the amount of earned income.
(Theory behind Progressive Tax)
What is Vertical Equity?
400
Jack makes made 50,000 dollars a year, he quit and got a new job making100,000 dollars a year, now he pays lower percent in taxes. Name the type of tax
What is Regressive?
400
Federal tax on the property of someone who has died
What is Estate Tax
400
Tax paid to provide for your future (Social Security and Medicare)
What is FICA
400
A measure of the total output of a country that takes the gross domestic product (GDP) and divides it by the number of people in the country.
What is Per Capita GDP?
400
A profit from the sale of property or of an investment.
What is Capital Gains
500
Jack makes made 50,000 dollars a year, he quit and got a new job making100,000 dollars a year, now he pays a higher percent in taxes. Name the type of tax.
What is Progressive?
500
Tax put on items that cross international borders
What is Custom Duties?
500
How Progressive tax system is broken down
What is Marginal Tax Rate?
500
measures changes in the price level of a market basket of consumer goods and services purchased by households.
What is CPI (Consumer Price Index)?
500
Things that Lowers taxable income, like having a child, buying a house or getting maried