Term
| What is tax incidence, and who bears it? |
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Definition
| the incidence of a tax refers to the ultimate economic burden represented by the tax. The person who makes the payment is not necessarily the person who bears the burden. |
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Term
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Definition
| the right of the government to levy tax on a specific person or organization is referred to as jurisdiction. Our federal government has jurisdiction to tax any individual who is a U.S. Citizen, or who permanently resides in this country. The govt can also claims jurisdiction to tax individuals who are neither U.S. citizens nor residents, but who earn income from a source within the U.S. |
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Term
| what are transaction based taxes, activity based, income tax, and earmarked taxes? |
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Definition
event- when a event occurs ex: sales tax
activity- cumulative result of an ongoing activity ( income tax )
earmarked- taxes levied to finance projects. |
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Term
| What are ad valorem taxes? |
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Definition
| personal property taxes levied by the local government |
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Term
| what are temporary tax exemptions called? |
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Definition
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Term
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Definition
| asset that is not realty, three types, household tangibles, business tangibles, and intangibles. |
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Term
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Definition
| typically based on the retail price of tangible personalty. |
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Term
| Use tax is what, and does what? |
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Definition
| tax on the ownership, possession, or consumption of tangible goods within the state, prevents people from going to a state with lower sales tax. |
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