American Problems

American Problems Chapter 16 vocabulary

Progressive Tax Any tax in which each step in the rate schedule is geared to the taxpayer’s ability to pay.

Tax Return Declaration of taxable income and the exemptions and deductions claimed; filed with IRS.

Payroll Tax Tax levied on employers and their employees, and on self-employed persons.

Regressive Tax Any tax levied at a flat rate, i.e., falls most heavily on those least able to pay for it.

Excise Tax Tax levied on the production, transportation, sale or consumption of goods or services.

Deficit Yearly shortfall between revenue and spending.

Estate Tax Tax levied directly on the estate of a deceased person.

Gift Tax Tax imposed on the making of a gift by a living person.

Customs Duty Tax (tariff) on goods brought into the U.S.

Public Debt All of the money borrowed by the government over the years and not yet repaid, plus the accrued interest on that money.

Entitlement Benefits that federal law says must be paid to those persons who meet the eligibility requirements set for those payments.

Continuing Resolution Measure that, when signed by the President, allows an agency to function on the basis of appropriations made the prior year.

American Problems