Funding State & Local Government
About this set
Created by:
Ms_Kaemmerlen on January 2, 2012
Description:
Where does the money for the services we enjoy come from?
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8 terms
Terms | Definitions |
|---|---|
 sales tax | a tax based on the cost of the item purchased and collected directly from the buyer |
| regressive tax | a flat tax paid the same by everyone: sales tax |
| income tax | charge on the money made by an individual or a corporation |
| progressive tax | the rate is based on the payer's ability to pay: the higher the income the higher the tax rate |
| property tax | fees on tangible and intangible property such as land, buildings, cars |
| assessment | the process of determining how much something is worth for the purpose of taxation |
| inheritance tax | a tax collected on the money left by a person in his or her will |
| estate tax | tax imposed on the total value of the physical property left when someone dies |
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