Review: Taxes & GDP

Mandatory payment to a local, state or national government

• Debt
• Tax
• Salary

What gives the government the right to tax

• President
• Congress
• Constitution

Largest source of tax revenue for the federal government

• Property
• Individual Income
• Corporate

Tax that takes the same percentage of income from all taxpayers regardless of income level

• Regressive
• Progressive
• Proportional

Tax deducted from a paycheck before the worker gets it

• Income
• Property
• Payroll

Taxes on property that is transferred to others through the death of the owner

• Estate
• Property
• Sin

Taxes imposed on products of activities considered to be unhealthy

• Estate
• Property
• Sin

Tax based on the value designated goods or services at time of purchase

• Income
• Property
• Sales

Tax that takes a larger percentage of income from people with low income

• Regressive
• Progressive
• Proportional

Tax based on the value of an individual's or business' assets

• Property
• Income
• Sales