EcoFinance

What tax provides the largest source of revenue for the federal government?

• federal income tax

• sales tax

• property tax

• tariffs

As your income goes up the percentage of taxes you pay goes up (what type of tax?)

• Progressive tax

• Proportional tax

• Regressive tax

• None of the aove

You pay the same percentage in taxes regardless of income level

• progressive tax

• proportional tax

• regressive tax

• None of the above

As your income goes up, the percentage of income spent on taxes goes down.

• progressive tax

• proportional tax

• regressive tax

• none of the above

The Federal income tax is an example of which type of tax?

• progressive tax

• proportional tax

• regressive tax

• none of the above

sales tax designed to raise revenue and reduce consumption of socially undesirable products such as liquor and tobacco.

• estate tax

• sin (excise) tax

• gift tax

• FICA

Tax placed on the value of possessions after somebody dies

• sin tax

• estate tax

• excise tax

• regressive tax

This principle of taxation states that people should pay taxes based on their ability to pay, regardless of how much they benefit from the government.

• ability to pay
• benefits-received
• efficiency
• equity

IRS stands for what when talking about taxes?

• Internal Revenue Service
• Individual Return System
• I'm Really Sorry
• International Revenue System

Income tax is-

• Money your employer pays to you
• Money you earn and put into the bank
• tax paid on the money you earn each year
• FREE MONEY!!