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Gov. voc.
Ch. 16 voc
16
Other
12th Grade
02/14/2011

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Term
progressive tax
Definition
a type of tax proportionate to income
Term
tax return
Definition
a declaration of a taxable income and of the exemptions and deductions claimed
Term
payroll tax
Definition
a taxed imposed on nearly all employers and their employees—and on self-employed people—the amount withheld from their paychecks
Term
regressive tax
Definition
a tax levied at a flat rate, without regard to the level of the taxpayer’s income or ability to pay them
Term
excise tax
Definition
a tax laid on the manufacture, sale, or consumption of goods and/or the performance of services
Term
estate tax
Definition
a levy imposed on the assets of one who dies
Term
gift tax
Definition
a tax on a gift that is worth more than a large amount (not sure how much)
Term
customs duties
Definition
taxes laid on goods brought from abroad
Term
Interest
Definition
a charge on borrowed money, going up as the payment time goes longer
Term
deficit
Definition
the quantity of more money spent than earned
Term
surplus
Definition
the quantity of more money earned than spent
Term
Public debt
Definition
all the money borrowed by the gov. and not yet repaid, plus the accrued interest on that money
Term
entitlement
Definition
a benefit that federal law says must be paid to all those who meet the eligibility requirements
Term
controllable spending
Definition
an amount decided upon by Congress and the President to determine the amount of money spent each year on individual government expenditures
Term
uncontrollable spending
Definition
spending that neither the President nor Congress have the power to change directly
Term
continuous resolution
Definition
a measure which allows agencies to continue working based on the previous year’s appropriations
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