Taxes and Revenue & State Financial Planning

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Sales Tax

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A tax on goods and services purchased by consumers.

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Regressive Tax

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A tax that takes a larger percentage of income from lower-income individuals than from higher-income earners.

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Income Tax

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A tax on individual or corporate earnings.

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Progressive Tax

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A tax system where higher income earners pay a higher percentage of their income.

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Property Tax

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A tax on real estate, based on its value.

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Assessment

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The process of determining the value of property for taxation purposes.

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Inheritance Tax

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A tax on the value of property inherited from a deceased person.

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Estate Tax

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A tax on the value of a deceased person’s estate before distribution to heirs.

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State Budget

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A financial plan outlining a state government’s income and expenditures for a specific period.