sales tax - general state or city tax levied on a product at the time of sale, tax return - annual report filed with local, state, or federal government detailing income earned and taxes owed, proportional tax - tax in which percentage of income paid in tax is the same regardless of the level of income, Medicare - a federal health-care program for senior citizens, regardless of income, progressive tax - tax where percentage of income paid in tax rises as level of income rises, marginal tax rate - tax rate that applies to the next dollar of taxable income, regressive tax - tax where percentage of income paid in tax goes down as income rises, flat tax - proportional tax on individual income after a specified threshold has been reached, value-added tax (VAT) - tax on the value added at every stage of the production process, capital gains - profits from the sale of an asset held for 12 months or longer, budget deficit - a negative balance after expenditures are subtracted from revenues, budget surplus - a positive balance after expenditures are subtracted from revenues, payroll tax - tax on wages and salaries to finance Social Security and Medicare costs, FICA - Federal Insurance Contribution Act; tax levied on employers and employees to support Social Security and Medicare, corporate income tax - tax on corporate profits, excise tax - general revenue tax levied on the manufacture or sale of selected items, estate tax - tax on the transfer of property when a person dies, gift tax - tax on donations of money or wealth that is paid by the donor, customs duty - tax on imported products, Medicaid - joint federal-state medical insurance program for low-income people, deficit spending - annual government spending in excess of taxes and other revenues, national debt - the total amount borrowed from investors to finance the government’s deficit spending, balanced budget - annual budget in which expenditures equal revenues, Keynesian economics - government spending and taxation policies suggested by John Maynard Keynes to stimulate the economy; synonymous with fiscal policies or demand-side economics , supply-side policies - economic policies designed to stimulate the economy by removing government regulations and lowering marginal tax rates to increase production, Deregulation - relaxation or removal of government regulations on business activities, Macroeconomics - the branch of economic theory focused on the economy as a whole and decision making by large units, such as governments and unions, opportunity cost - cost of the next best alternative use of money, time, or resources when one choice is made rather than another, Tariff - tax placed on an imported product, Quota - limit on the amount of a good that is allowed into a country,

EOY Vocab Part 2

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