Taxes and Government Revenue

Every level of government requires revenue ($) to pay for ___ goods and services provided by the government.

• Government

• Public

• Private

• Special

Allocate means

• Distribute

• Dilute

• Digeridoo

• Diego

What are the 3 types of taxes? (You must select all 3!)

• Income Tax

• Property Tax

• Tea Tax

• Sales Tax

• Stamp Tax

What is income tax?

• Payments made by individuals and corporations based on income received

• A tax consumers pay on many items they purchase

• A tax that is levied (put) on land and buildings.

What is sales tax?

• Payments made by individuals and corporations based on income received

• A tax consumers pay on many items they purchase

• A tax that is levied (put) on land and buildings.

What is property tax?

• Payments made by individuals and corporations based on income received

• A tax consumers pay on many items they purchase

• A tax that is levied (put) on land and buildings.

What is the major source of revenue for the US federal government?

• Income tax

• Sales tax

• Property tax

State governments earn revenue from all of the following types of taxes EXCEPT...

• State income tax

• State sales tax

• State poll taxes

Which level of government earns revenue from state income taxes and property taxes?

• National/Federal

• State

• Local

True or False: The national government uses tax money to provide services like homeland security and national defense.

• True

• False