Term
Identify as Progressive, Proportional, or Regressive
Estate Tax |
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Definition
Progressive
A filing is required for estates with combined gross assets and prior taxable gifts exceeding $5,430,000 in 2015, and $5,450,000 in 2016. |
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Term
Identify as Progressive, Proportional, or Regressive
Property Tax |
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Definition
Progressive
Based upon the value of your house/property. Who owns the most expensive houses/property? |
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Term
Identify as Progressive, Proportional, or Regressive
Income Tax |
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Definition
Progressive
Personal income tax rates start at 10% and gradually increase to 15%, then 25%, then 28%, then 33%, then 35%, and finally reaching a top rate of 39.6%
http://taxfoundation.org/article/2015-tax-brackets |
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Term
Identify as Progressive, Proportional, or Regressive
Gas Tax |
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Definition
Regressive
Tax based on purchase and is applied to the consumer regardless of income. |
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Term
Identify as Progressive, Proportional, or Regressive
Cigarette Tax |
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Definition
Regressive
Tax based on purchase and is applied to the consumer regardless of income. |
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Term
Identify as Progressive, Proportional, or Regressive
Sales Tax |
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Definition
Regressive
Tax based on purchase and is applied to the consumer regardless of income. |
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Term
Identify as Progressive, Proportional, or Regressive
Dog License |
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Definition
Regressive
Tax based a set amount and is applied to the consumer regardless of income. |
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Term
Identify as Progressive, Proportional, or Regressive
Car License |
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Definition
Regressive
Tax based a set amount and is applied to the consumer regardless of income. |
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Term
Identify as Progressive, Proportional, or Regressive
Social Security Tax |
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Definition
Regressive
6.2% up to a maximum of $118,500 in 2015 |
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Term
Identify as Progressive, Proportional, or Regressive
Meidcare |
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Definition
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Term
Identify as Progressive, Proportional, or Regressive
Corporate Income Tax |
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Definition
Progressive
Increases with income same as individual income tax
http://www.tax-rates.org/federalincometax |
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Term
Identify as Progressive, Proportional, or Regressive
Flat Tax |
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Definition
Proportional
The same tax rate is multiplied by an individuals income, so everyone pays the same rate (proportional) |
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