Microeconomics ch 12
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An excess of government spending over receipts.
An excess of government receipts over government spending.
Average Tax Rate
Total taxes paid divided by total income.
Marginal Tax Rate
The extra taxes paid on an addtional dollar of income.
A tax that is the same amount for every person.
The idea that people should pay taxes based on the benefits they receive from government services.
The idea that taxes should be levied on a person according to how well that person can shoulder the burden.
The idea that taxpayers with a greater ability to pay taxes should pay larger amounts.
The idea that taxpayers with similar abilities to pay taxes should pay the same amount.
A tax for which high-income and low-income taxpayers pay the same fraction of income.
A tax for which high-income taxpayers pay a smaller fraction of their income than do low-income taxpayers.
A tax for which high-income taxpayers pay a larger fraction of their income than do low-income taxpayers.
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