Topic 8 - Taxes and Spending

a tax based on a company's profits

• budget

• corporate income tax

• tax base

• withholding

tax based on a person's earnings

• individual income tax

• tax

• personal exemption

• entitlement

a tax for which the percentage of income paid in taxes increases as income increases

• taxable income

• real property

• burden

• progressive tax

a tax based on real estate and other property

• tax base

• property tax

• provision

• welfare

a tax for which the percentage of income paid in taxes remains the same as income increases

• installment

• proportional tax

• provision

• gift tax

a tax for which the percentage of income paid in taxes decreases as income decreases

• tax credit

• real property

• regressive tax

• tax exempt

a tax based on goods or services that are sold

• sales tax

• taxable income

• balanced budget

• heir

a required payment to a local, state, or national government

• denounce

• tax return

• tax assessor

• tax

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

• tax base

• sales tax

• provision

• corporate income tax

a tax on the total value of the money and property of a person who has died

• tax deduction

• tax incentive

• balanced budget

• estate tax