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Ability-to-pay
Belief that taxes should be paid according to level of income regardless of benefits received
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Corporate income tax
Tax on corporate profits
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Estate Tax
Tax on the transfer of property when a person dies
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Excise Tax
General revenue tax levied on the manufacture or sale of selected items
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FICA
- Federal Insurance Contributions Act; tax levied(Impose a tax, fee, or fine) on employers and employees to support Social Security and medicare
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Indexing
Adjustment of tax brackets to offset the effects of inflation
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Individual income tax
- Tax levied(Impose a tax, fee, or fine) on wages, salaries, and other income of individuals
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Progressive tax
Tax where percentage of income paid in tax rises as level of income rises
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Proportional Tax
Tax in which percentage of income paid in tax is the same regardless of the level of income
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Regressive tax
Tax where percentage of income paid in tax goes down as income rises
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Sales tax
General state or city tax levied on a product at the time of sale
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Sin tax
Relatively high tax designed to raise revenue and discourage consumption of a socially undesirable product
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VAT(Value-added tax)
Tax on the value added at every stage of the production process
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