POLS 207 Study Guide - Midterm Guide: Temporary Assistance For Needy Families, Morrill Land-Grant Acts, Social Programs In The United States
Document Summary
This is a list of general topics you will need to know in order to do well on the third exam. Total value of all the goods and services produced in the us in a year, measure of the size of the us economy. Local property tax- usually regressive, only feasible form of taxation. Burden depends on ratio of assessed value and fair market value, rate of assessed value, nature/extent of tax reductions(nonprofit properties) State sales tax- most important source for states, often considered regressive but non luxury items aren"t taxed. Only major source of revenue left to states, not as visible a tax, reaches mobile populations. Selective sales tax- sin taxes" used to fund other things. State income tax- progressive rises with increases in income, ability to pay principle, flat rate tax. Corporate tax- popular with voters but could be passed along with higher prices, cause businesses to move to another state.