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Economic Institutions and Issues

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Term
Definition
Sin Tax   show
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Incidence of a Tax   show
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Tax Loophole   show
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show federal tax levied on wages, salaries, and other income of individuals  
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Sales Tax   show
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show annual report by a taxpayer filed with the local, state, or federal government detailing income earned and taxes owed  
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show belief that taxes should be paid according to benefits received regardless of income  
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show belief that taxes should be paid according to the level of income, regardless of benefits received  
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Proportional Tax   show
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show total taxes paid divided by total taxable income  
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Medicare   show
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show tax in which the percentage of income paid in tax rises as level of income rises  
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show tax rate that applies to the next dollar of taxable income  
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Regressive Tax   show
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show branch of the U.S. Treasury Department that collects taxes  
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show system that automatically deducts income taxes from paychecks on a regular basis  
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show adjustment of the tax brackets to offset the impact of inflation  
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FICA   show
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Payroll Tax   show
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show tax on corporate profits  
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Excise Tax   show
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show tax on the transfer of property when a person dies  
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Gift Tax   show
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show tax on imported goods  
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User Fee   show
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show revenue funds that one level of government receives from another level of government  
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show tax on tangible and intangible possessions such as real estate, buildings, furniture, stocks, bonds, and bank accounts  
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Tax Assessor   show
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Natural Monopoly   show
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Payroll Withholding Statement   show
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Accelerated Depreciation   show
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show tax credit given for purchase of equipment  
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show personal income tax rate that applies to cases in which taxes would otherwise fall below a certain level  
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show profits from the scale of an asset held for 12 months or longer  
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show proportional tax on individual income after a specified threshold has been reached  
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show tax on the value added at every stage of the production process  
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