Chapter 14 Section 1 Vocabulary Tax- Mandatory payment to a local, state, or national government. Revenue- Government income from taxes and nontax sources. Tax Base-Type of wealth subject to taxes, they are individual and corporate income, sales, and propriety. Individual Income Tax- Tax based on an individual’s income from all sources. Corporate Income Tax- Tax based on a corporation’s profits. Sales Tax- Tax based on the value of designated goods or services at the time of sale. Property Tax- Tax based on the value of an individual’s or business’s assets. Proportional Tax Progressive Tax- Places a higher percentage rate of taxation on high-income earners than low-income earners. Progressive Tax- Encourages people and organizations to improve their material well-being by seeking to gain from economic activities. Regressive Tax- Takes a larger percentage of income from people with low incomes than that from people with high incomes. Incidence of a Tax- The final burden of that tax; income of the tax on the tax payer. Tax Incentive- The use of taxes to encourage or discourage certain economic behaviors. fjasiofjewiojaifoewjoghiowhjgwioaj;gioewrhjagiojgioewqhjaf;oaisd iowerjasojgohewasogwoerjgioerwjgiowearjigjerjgoaherwogjaoers
hgoersjiojf jforiegiorheioag oegj erij ihjasiogerhjiohjgioehrjijorwgiorejgi;orwjagprj;g eogeiorj gioerigjio ergio segi jewirgi ergjier gwjerhiojeiowgfodsjiojer wiojfioerj gfojerfw erjoj ferjiogf ergjo jgioerghioewgejgioerhwo ifjeriowgjerfjioerfj fj fiojcrmcioerjwgioregherj wgjer ogj egwo a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d we f we fwe fw few few efw f ew e e e e e e e e e e e e e e e e e e e e e e e r r r r r r r r r r r r r r r r r r r r r r u u uu u u uu u u uu u u uu j j j j jj j jj j j jj jk k kk k k k kk j jj j j...