Tax Structures
A tax for which the percentage of income paid in tax increases as income increases.
Progressive Tax
This is collected directly from the person or entity that pays it.
Direct Tax
Money that Congress is required by law to spend on certain programs or to use for interest payments on the national debt.
Mandatory Spending
The estimate of future revenues and expenses.
Budget
The use of government spending and revenue collection to influence the economy.
Fiscal Policy
This tax uses a company's profits as its base.
Set amounts that you subtract from your gross income for yourself, your spouse and any dependents.
Personal Exemptions
Spending about which lawmakers are free to make choices.
Discretionary spending
The state puts together this plan for its day-to-day spending needs. It includes salaries and supplies needed to run the government.
Operating budget
Fiscal Policy intended to decrease output.
Contractionary Policy.
A tax for which the percentage of income paid in taxes remains the same at all income levels.
Proportional Tax
A form used to file income taxes.
Tax return.
This program pays for hospital care and for the costs of physicians and medical services. It also pays healthcare bills for people who suffer from certain disabilities and diseases.
Medicare
Non profit organizations, including religious groups and charities are usually this, that is, they are not subject to taxes.
Tax Exempt
A written document estimating the federal government's revenue and authorizing its spending for the coming year.
Federal Budget
This tax is levied on the sale of goods and services in many states.
Sales Tax
Amounts that you can subtract, or deduct from your gross income.
Tax deductions
These benefits low income families some people with disabilities and elderly people in nursing homes.
Medicaid
An official who determines the value of the property.
Tax Assessor
A 12 month period used for budgeting purposes.
Fiscal Year
The percentage of income paid in taxes decreases as income increases.
Regressive Tax
A person's gross (or total) income minus exemptions and deductions.
Taxable Income
Social welfare program that people benefit from if they meet certain eligibility requirements, such as being at a particular income level or age.
Entitlements
People who own land have to pay this tax on the value of the land or house on the land.
Property Tax
A bill that authorizes a specific amount of spending by the government.
Appropriations Bill