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Government Revenue Chapter Nine
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Define the following words 1. Regressive tax
2. Proportional tax
3. Progressive tax
4. Estate tax
5. Capital gains tax
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Reg
ressiv
e T
ax
A tax that imposes a higher percentage rate of taxation on low incomes than on
high incomes.
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Pro
gressiv
e ta
x
Is a tax that imposes a higher percentage rate of taxation on higher incomes than
on lower ones
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Pro
po
rtio
na
l tax
Imposes the same percentage tax on
everyone.
Medicare tax is 1.45% paid by
everyone regardless of their
income
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General tax that levied on most consumer
purchases.
Paid at the time of purchase
Collected by the merchant
Certain stuff can be exempt
Sa
les T
ax
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What is the law of demand? The government knows that the higher the price of a product the less consumers are
willing to buy!
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Sin
Ta
x
A relatively high tax designed to raise revenue and lower consumption of
a socially unacceptable act.
Liquor
Tobacco
Gambling
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Sin
Tax
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Gift Tax Estate Tax
Tax on the transfer of property when a
person dies.
Tax on the transfer of money or wealth paid by the donor.
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Ca
pita
l Ga
ins
Profits from the sale of an asset held for 12 months or longer.
Anything below a year and the tax is significantly higher.
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Page 236 Answer questions 3-6