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Tax on a person's income minus exemptions and deductions

individual income tax

Tax on a corporation's income minus expenses and deductions

Corporate income tax

Taxes collected from employees and employers to pay for major social programs

Social insurance taxes

Taxes on the manufacture, transportation, sale, or use of goods and performance of services

Excise taxes

Taxes on goods brought into the country for sale; also called tariffs

Customs duties

Tax on the property and wealth (over $5 million) of a person who dies

Estate tax

Tax on gifts above $13,000 to any one person given in any one year

Gift tax

payments by individuals and businesses to support the activities of the government


Article 1 Section 8 (income taxes created by Amendment 16)

Where does the power of the federal government to tax come from?

taxes based on a person or business's ability to pay; income taxes are an example

progressive taxes

lower income people

Who benefits from progressive taxes?

individuals and companies can lower their taxes by doing certain things such as becoming more energy efficient or donating to charity

tax credits

everyone is taxed the same amount; also flat taxes; social insurance taxes are an example

regressive taxes

higher-income people

Who benefits from regressive taxes?

people living with you that rely on your money (such as children) can get you a tax break on your income tax


occurs when the amount of money spent is more than the amount of money collected


more money was collected than the government spent



Where does the US get revenue?

Defense, non-defense discretionary, social security, entitlements (medicare, medicaid), interest on the debt

What does the government use tax dollars for?

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