What is Taxation Flashcard

Front

The federal government's health care system for people aged 65 and over

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Medicare

Front

A tax that only applies to certain products

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Excise Tax

Front

The federal income tax is a

Back

progressive tax

Front

This is often called a "death tax," since it is collected after a wealthy person dies.

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estate tax

Front

This is how governments pay for services.

Back

taxes

Front

A tax you pay when you buy something

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sales tax

Front

The amount of money in your paycheck after taxes are taken out.

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net pay