Fiscal Policy/Federal Reserve Vocabulary

Fiscal Policy

• Congress decisions on what to spend all the money on
• the more money you make, the more taxes you have to pay/ less money, less taxes
• A tax that goes towards your retirement fund
• the governing body of the Federal Reserve System.

Personal Income Tax

• Sharing power between a central and regional authorities
• A nickname for the Federal Reserve System
• Money taken from your paychecks
• A time when all of the bank functions were handled by state banks...1837-1864

Social Security Tax

• Everyone pays the same amount of taxes, rich or poor
• A nickname for the Federal Reserve System
• Sharing power between a central and regional authorities
• A tax that goes towards your retirement fund

Sales Tax

• the governing body of the Federal Reserve System.
• A tax added to anything that you buy
• A time when all of the bank functions were handled by state banks...1837-1864
• The Central Bank for the United States, sets interest rates and manage the money supply

Property Tax

• A tax subtracted from another tax
• There are 12 total Fed Banks
• A nickname for the Federal Reserve System
• a tax added on property of buildings, land, homes, etc.

Excise Tax

• Congress decisions on what to spend all the money on
• A time when all of the bank functions were handled by state banks...1837-1864
• An “extra” tax put on items that are not necessarily “needs”
• They set the monetary policy and allows the Federal Reserve System to carry out its function

Progressive Tax

• the more money you make, the more taxes you have to pay/ less money, less taxes
• Everyone pays the same amount of taxes, rich or poor
• They set the monetary policy and allows the Federal Reserve System to carry out its function
• Sharing power between a central and regional authorities

Regressive Tax

• Money taken from your paychecks
• When lower incomes pay a higher percentage of taxes, higher incomes/lower taxes
• Sharing power between a central and regional authorities
• The Central Bank for the United States, sets interest rates and manage the money supply

Proportional Tax

• A time when all of the bank functions were handled by state banks...1837-1864
• Everyone pays the same amount of taxes, rich or poor
• The amount of money a bank must keep and not invest or loan out
• They set the monetary policy and allows the Federal Reserve System to carry out its function

Tax Deducation

• A tax that goes towards your retirement fund
• Widespread worry that banks do not have enough money to cover customer withdrawals
• The organization that oversees a nation's monetary system
• A tax subtracted from another tax