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Taxes
Terms
8
Social Studies
8th Grade
03/10/2014

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Term
• Progressive Tax:
Definition
Means the more an individual earns, the greater the percentage he or see will pay in income tax. (Ex: Income tax)
Term
Regressive Tax:
Definition
A tax that has the same impact on the wealthy as on other economic classes. (Ex Sales tax)
Term
Social Security Tax:
Definition
Money the government collects to pay to retired or disabled people.
Term
Excise Tax:
Definition
A tax levied on certain goods such as alcohol, tobacco, and gasoline.
Term
Estate Tax:
Definition
Payments made to local governments based on the value of the land or buildings. The payments are made by the property owners. They used this tax for schools
Term
Protective Tariff:
Definition
a tax on imports entering a country from a foreign country. Only on certain goods from that country
Term
Tariff:
Definition
Tax on imported goods.
Term
Embargo:
Definition
The act of prohibition (stopping) trade with another country.
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