Economics Topic 8 Lessons 1-4

Front

income, property, good, or service that is subject to tax

Back

tax base

Front

income received by a government

Back

revenue

Front

a tax in which the percentage paid increases as income increases

Back

progressive tax

Front

a tax in which the percentage paid decreases as income increases

Back

regressive tax

Front

final burden of a tax

Back

incidence of a tax

Front

equity

Back

one characteristic of a good tax

Front

personal exemption

Back

a set amount that can be subtracted from a person’s gross income

Front

tax incentive

Back

the use of taxes to influence behavior

Front

withholding

Back

taking out a part of income as it is earned for taxes

Front

tariff

Back

tax on foreign goods brought into the United States