Micro Unit 6.5 CW: Types of Taxes (Matching)

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4 questions

__________ Tax

__________ Tax

__________ Tax

Draggable item		Corresponding Item
total taxes/total income		tax incidence
all incomes taxed same %		average tax rate
philosophy that taxation should be based upon one's ability to pay (rather than amount of benefit received)		marginal tax rate
death tax; federal tax on someone who has died; progressive; direct		tax bracket
federal tax paid by person who gives a large gift valued over $14,000; progressive; direct		direct tax
collected from person who is being taxed		indirect tax
marginal tax rate (what you pay on your last dollar)		ability to pay principle
less money you earn, greater % of income you pay in taxes		proportional tax (flat tax)
tax on income earned (wages, tips, earnings on savings); progressive; direct; based on ability to pay principle		progressive tax
who actually bears the burden of paying tax		regressive tax
tax paid by the consumer on a specific good (alcohol, tobacco, gasoline); regressive; indirect; benefit principle		personal income tax
intermediary collects the tax and then passes it on to the government		sales tax
more money you earn, greater % of income you pay in taxes		excise tax
tax paid by the consumer on a specific good (alcohol, tobacco, gasoline); regressive; indirect; benefit principle		property tax
state and local taxation of the value of property; regressive; indirect= landlords, direct=homeowners		social security
change in taxes/ change in income		estate tax
taxes covered by FICA; income for retirees, survivors, disabled; regressive; employers= indirect; employees= direct		gift tax