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Vocab
Progressive or Regressive
Social Security
100
A legal method by which individuals and businesses are allowed to reduce the tax liabilities owed to the government.
What is a loophole?
100
The federal income tax.
What is a Progressive Tax?
100
Social security taxes came into existence after this act.
What is the Federal Insurance Contribution Act (FICA)?
200
A tax that rises in percentage terms as incomes rise.
What is a Progressive Tax?
200
The social security tax.
What is a regressive tax?
200
Raising the Social Security payroll tax rate by 2.2%.
What is a way to solve Social Security?
300
A tax that falls in percentage terms as incomes rise.
What is a Regressive Tax?
300
This tax is a flat tax percentage on wages, but is considered regressive as it does not tax investment income.
What is the Medicare tax?
300
Would allow workers to invest a specified portion of their Social Security payroll taxes in the stock market and other investments.
What is partially privatized Social Security.