Fiscal Policy: Taxes
Terms in this set (15)
a tax in which wage earners with higher incomes are taxed at a higher percentage rate than earners with lower incomes
a tax in which wage earners are taxed at the same percentage rate, regardless of their income
a tax in which wage earners with lower incomes are taxed at a higher percentage rate than earners with higher incomes
a group of individuals, usually within a community, who share traditions, interests, and establishments
an amount taken from income or added to purchases by various levels of government
Which of these best describes income tax?
These examples of programs or projects most likely funded by taxes in the United States.
maintaining state parks
constructing a highway
A sales tax is a type of
How are progressive taxes and regressive taxes similar?
Both are determined based on income
A(n) ____________ policy is employed when the government chooses to run a larger deficit.
How is an excise tax different from a sales tax?
An excise tax applies to specific products
High government expenditures can lead to a bigger
Property taxes are usually determined based on
the value of the property
Which best explains how contractionary policies can hamper economic growth?
They reduce disposable income
What gives the US government the power to collect taxes?