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Econ Chapter 9

Economic Institutions and Issues

TermDefinition
Sin Tax relatively high tax designed to raise revenue and discourage consumption of a socially undesirable product
Incidence of a Tax final burden of the tax
Tax Loophole exemption or oversight in the tax law allowing a taxpayer to avoid paying certain taxes
Individual Income Tax federal tax levied on wages, salaries, and other income of individuals
Sales Tax general state or city tax levied on a product at the time of sale
Tax Return annual report by a taxpayer filed with the local, state, or federal government detailing income earned and taxes owed
Benefit Principle of Taxation belief that taxes should be paid according to benefits received regardless of income
Ability-to-Pay Principle of Taxation belief that taxes should be paid according to the level of income, regardless of benefits received
Proportional Tax tax in which the percentage of income paid in tax is the same regardless of level of income
Average Tax Rate total taxes paid divided by total taxable income
Medicare federal health-care program for senior citizens
Progressive Tax tax in which the percentage of income paid in tax rises as level of income rises
Marginal Tax Rate tax rate that applies to the next dollar of taxable income
Regressive Tax tax in which the percentage of income paid in tax goes down as income rises
Internal Revenue Service (IRS) branch of the U.S. Treasury Department that collects taxes
Payroll Withholding System system that automatically deducts income taxes from paychecks on a regular basis
Indexing adjustment of the tax brackets to offset the impact of inflation
FICA Federal Insurance Contributions Act; tax levied on employers and employees to support Social Security and Medicare
Payroll Tax tax on wages and salaries deducted from paychecks to finance Social Security and Medicare
Corporate Income Tax tax on corporate profits
Excise Tax general revenue tax levied on the manufacture or sale of selected items
Estate Tax tax on the transfer of property when a person dies
Gift Tax tax paid by the donor on transfer of money or wealth
Customs Duty tax on imported goods
User Fee fee paid for the use of a good or service
Intergovernmental Revenue revenue funds that one level of government receives from another level of government
Property Tax tax on tangible and intangible possessions such as real estate, buildings, furniture, stocks, bonds, and bank accounts
Tax Assessor person who examines and assesses property values for tax purposes
Natural Monopoly market structure in which average costs of production are lowest when a single firm exists
Payroll Withholding Statement document attached to a paycheck summarizing pay and deductions
Accelerated Depreciation schedule that spreads depreciation over fewer years to generate larger tax reductions
Investment Tax Credit tax credit given for purchase of equipment
Alternative Minimum Tax personal income tax rate that applies to cases in which taxes would otherwise fall below a certain level
Capital Gains profits from the scale of an asset held for 12 months or longer
Flat Tax proportional tax on individual income after a specified threshold has been reached
Value-Added Tax (VAT) tax on the value added at every stage of the production process
Created by: Damma15724
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