Term
|
Definition
| relatively high tax designed to raise revenue and discourage consumption of a socially undesirable product |
|
|
Term
|
Definition
|
|
Term
|
Definition
| exception or oversight in the tax law allowing taxpayer to avoid taxes |
|
|
Term
|
Definition
| tax levied on the wages, salaries, and other income of individuals |
|
|
Term
|
Definition
| general state or city tax levied on a product at the time of sale |
|
|
Term
| Benefit principle of taxation |
|
Definition
| belief that taxes should be paid according to benefits received regardless of income |
|
|
Term
| Ability-to-pay principle of taxation |
|
Definition
| belief that taxes should be paid according to level of income regardless of benefits received |
|
|
Term
|
Definition
| tax in which percentage of income paid in tax is the same regardless of the level of income |
|
|
Term
|
Definition
| total taxes paid divided by the total taxable income |
|
|
Term
|
Definition
| tax where percentage of income paid in tax rises as level of income rises |
|
|
Term
|
Definition
| tax rate that applies to the next dollar of taxable income |
|
|
Term
|
Definition
| tax where percentage of income paid in tax goes down as income rises |
|
|
Term
|
Definition
| per person basis; divided by population |
|
|
Term
|
Definition
| that part of the economy made up of the local, state, and federal government |
|
|
Term
|
Definition
| the part of the economy made up of private individuals and businesses |
|
|
Term
|
Definition
| payment for which the government receives neither goods nor services in return |
|
|
Term
|
Definition
| transfer payment from one level of government to another not involving compensation |
|
|
Term
|
Definition
| way in which the nation's income is divided among families, individuals, or other designated groups |
|
|
Term
|
Definition
| annual government spending in excess of taxes and other revenues |
|
|
Term
|
Definition
| total amount of money the federal government has borrowed from others |
|
|
Term
|
Definition
| annual budget in which expenditures equal revenues |
|
|
Term
|
Definition
| special account to hold revenues designated for a specific expenditure such as Social Security, Medicare, or highways |
|
|
Term
|
Definition
| higher than normal interest rates and diminished access to financial capital faced by private investors when government increases its borrowing in financial markets |
|
|
Term
| "Pay-as-you-go" provision |
|
Definition
| requirement that new spending proposals or tax cuts must be offset by reductions elsewhere |
|
|
Term
|
Definition
| power to cancel specific budget items without rejecting the entire budget |
|
|
Term
|
Definition
| limits on annual discretionary spending |
|
|
Term
|
Definition
| program or benefit using established eligibility requirements to provide health, nutritional, or income supplements to individuals |
|
|
