$100 $100 $100 $100 $100 $200 $200 $200 $200 $200 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 $500 $500 $500 $500 $500

Types of Taxes

Federal Revenue Sources

State Revenue Sources

Local Revenue Sources

Vocabulary

Federal Revenue Sources State Revenue Sources Local Revenue Sources Types of Taxes Vocabulary $ $100 $100 $100 $100 $100 $200 $200 $200 $200 $200 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 $500 $500 $500 $500 $500

The Authority to levy a Federal Income Tax comes from this

C 1 - $200 Tax that imposes a higher % rate on people with higher incomes than lower incomes

C 1 - $300 Tax that imposes a higher % rate on people with lower incomes than higher incomes

This requires people to pay a minimum tax of 20 percent.

C 1 - $500 The incidence of a tax can be more effectively shifted from the supplier to the customer if the demand curve has this elasticity

The Federal Tax on people’s earnings C 2 - $100 The Federal Tax on people’s earnings

FICA includes taxes to pay for

C 2 - $300 Annual report to the IRS summarizing total income, deductions, and taxes withheld by employers

C 2 - $400 Medicare tax is 1.45 percent of income with no limit on the amount of income taxed. This is an example of which type of tax?

Social Security and Medicare ( FICA ) Taxes are also called this

Intergovernmental Revenues are generally intended for this C 3 - $100 Intergovernmental Revenues are generally intended for this

This is the largest source of State Government revenue

C 3 - $300 This is a general tax levied on consumer purchases of nearly all products

This is the second largest source of State Government revenue

All but seven States levy this type of tax C 3 - $500 All but seven States levy this type of tax

A Tax Assessor works for this level of Government C 4 - $100 A Tax Assessor works for this level of Government

This is the largest source of Local Government revenue

Person who assigns value to property for tax purposes C 4 - $300 Person who assigns value to property for tax purposes

This is the second largest source of Local Government revenue

C 4 - $500 Because of economies of scale many public utilities are considered this

What were the effects of the Taxpayer Relief Act of 1997?

C 5 - $200 Tax on the transfer of property when a person dies

some people to avoid paying taxes C 5 - $300 Exceptions in the tax law that allow some people to avoid paying taxes

C 5 - $400 This refers to those who bear the final burden of taxation

This is an upward revision of the tax brackets to adjust for inflation

The Sixteenth Amendment C 1 A - $100 The Sixteenth Amendment $

C 1 A - $200 Progressive Tax $

C 1 A - $300 Regressive Tax $

The Alternative Minimum Tax C 1 A - $400 The Alternative Minimum Tax $

Inelastic demand curve C 1 A - $500 Inelastic demand curve $

C 2 A - $100 Individual Income Tax $

C 2 A - $200 Social Security and Medicare $

C 2 A - $300 Tax Return or Form 1040 $

C 2 A - $400 Proportional Tax $

C 2 A - $500 Payroll Taxes $

C 3 A - $100 Education and Public Welfare $

C 3 A - $200 Intergovernmental Revenue $

C 3 A - $300 Sales Tax $

C 3 A - $400 Sales Tax $

C 3 A - $500 Individual Income Tax $

C 4 A - $100 Local Government                                       $

C 4 A - $200 Intergovernmental Revenue $

C 4 A - $300 Tax Assessor $

C 4 A - $400 Property Tax $

C 4 A - $500 Natural Monopolies $

Did little to benefit wage earners in the lowest 20 percent C 5 A - $100 Did little to benefit wage earners in the lowest 20 percent $

C 5 A - $200 Estate Tax $

C 5 A - $300 Tax Loophole $

C 5 A - $400 The Incidence of a Tax $

C 5 A - $500 Indexing $

Alternative Tax Approaches FJ Topic Alternative Tax Approaches $

FJ Question This type of tax spreads the incidence of tax as the product changes form from producer to consumer $

FJ Ans The Value Added Tax $

END OF GAME