Funding State & Local Government

Where does the money for the services we enjoy come from?
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
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