POLS 237 Chapter Notes - Chapter 4: Severance Tax, Progressive Tax, Budget Process
26 Nov 2018
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Budget deficits or shortfalls: cash shortages that result when the amount of money coming into the government falls below the amount being spent. Revenues: the money governments bring in, mainly from taxes. User fees: charges levied by governments in exchange for services. Such fees constitute a type of hidden tax. Excise or sin taxes: taxes on alcohol, tobacco, and other similar products that are designed to raise revenues and reduce use. Estate taxes: taxes levied on a person"s estate or total holdings after that person"s death. Gift taxes: taxes imposed on money transfers made during an individual"s lifetime. Sales taxes: taxes levied by state and local governments on purchases. Focused consumption taxes: taxes that do not alter spending habits or behavior patterns and therefore do not distort the distribution of resources. Regressive taxes: taxes levied on all taxpayers regardless of income or ability to pay, placing proportionately more of a burden on those with lower incomes.
