Fiscal Policy: Taxes Flashcards
1
Q
progressive tax
A
a tax in which wage earners with higher incomes are taxed at a higher percentage rate than earners with lower incomes
2
Q
proportional tax
A
a tax in which wage earners are taxed at the same percentage rate, regardless of their income
3
Q
regressive tax
A
a tax in which wage earners with lower incomes are taxed at a higher percentage rate than earners with higher incomes
4
Q
society
A
a group of individuals, usually within a community, who share traditions, interests, and establishments
5
Q
tax
A
an amount taken from income or added to purchases by various levels of government
