8.1 taxation hw quiz 2/13 Flashcards
1
Q
revenue
A
income received by a government from taxes and other nontax sources
2
Q
progressive tax
A
percentage of income paid goes UP as income goes UP
3
Q
proportional tax
A
percentage of income paid in taxes remains the same at all income levels
4
Q
regressive tax
A
percentage of income paid goes DOWN as income goes UP
5
Q
tax base
A
income, property, good, or service that is subject to a tax
6
Q
individual income tax
A
based upon a person’s earnings
7
Q
corporate income tax
A
uses a company’s profits as its base
8
Q
property tax
A
based on real estate and other property
