Taxes, Economic Indicators, and Government Finances

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GDP Per Capita is...

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GDP divided by a country's population

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A relatively high tax designed to raise revenue while reducing consumption of an undesirable products

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Sin Tax

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General state or city tax levied on a product at the time of sale

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Sales Tax

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Tax levied on wages salaries and other income, paid

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Individual Income Tax

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Tax where percentage of income paid in tax rises as level of income rises

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Progressive Tax

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The percentage of tax is the same regardless of income.

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Flat Tax

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Profits from the sale of an asset held for 12 months or longer.

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Capital Gains Tax

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Flat tax means that a low income person would pay the same amount of money in taxes as a millionaire. True or False?

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False

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Progressive Tax means that millionaires would pay a higher percentage in taxes than middle class people.

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True

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Funds that one level of government transfers to another level for spending.

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Intergovernmental Expenditure