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12 Cards in this Set
- Front
- Back
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budget deficit
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an excess of government spending over government receipts
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budget surplus
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an excess of government receipts over government spending
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average tax rate
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total taxes paid divided by total income
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marginal tax rate
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the extra taxes paid on an additional dollar of income
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lump-sum tax
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a tax that is the same amount for every person
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benefits principle
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the idea that people should pay taxes based on the benefits they receive from government services
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ability to pay principle
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the idea that taxes should be levied on a person according to how well that person can shoulder the burden
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vertical equity
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the idea that taxpayers with a greater ability to pay taxes should pay larger amounts
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horizontal equity
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the idea that taxpayers with similar abilities to pay taxes should pay the same amount
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proportional tax
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a tax for which high-income and low-income taxpayers pay the same fraction of income
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Regressive Tax
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a tax for which high-income taxpayers pay a smaller fraction of their income than do low-income taxpayers
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Progressive Tax
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a tax for which high-income taxpayers pay a larger fraction of their income than do low-income taxpayers
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