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Exam 5: Budgeting for Revenues: Income Taxes, Payroll Taxes, and Property Taxes

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Question 1

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How do local governments often determine the annual property tax rate?

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They calculate the difference ...

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Question 2

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According to a 2016 CBO study, what was the effective tax rate of the top 1% of households in 2016?

A) 40%
B) 33%
C) 28%
D) 16%

E) B) and C)
F) A) and B)

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Question 3

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What is the base of the real property tax?

Explore the concept of tax equity. In that context, what do governments need to consider in devising a tax system? Given those considerations, what do governments in the United States choose to tax and why?

The federal definition of income for tax purposes includes all of the following, except:

What feature of the federal income tax system is known as a "shadow tax"?

In general, all public sector revenue sources have the same potential for growth.

The payroll tax for Social Security and Medicare is a form of progressive taxation.

If effective tax rates are higher for higher-income taxpayers than for lower-income taxpayers, then the tax has what kind of rate structure?

What tax is the one most reviled by taxpayers because it is regarded as the most unfair yet is the single most important for funding local services and public education?

In terms of the principle of taxation that considers the cost of administration, for which of the following is the cost of enforcement greater than the cost to the government to collect the tax?

Property tax relief measures that limit taxes, usually for low-income elderly persons, are known as:

What are the five major considerations given to adopting a revenue source, known as the principles of taxation?

The original motivations behind taxpayers' revolts were both the sharp rise in property values and a generally negative attitude that government officials have an insatiable appetite for spending.

Corporate income taxes apply only to a firm's net profit after operating expenses.

The federal income tax has how many different tax brackets?

What is the definition of income used by economists, for the purpose of determining a broad tax base?

Itemized deductions attempt to adjust taxable income to reflect differences in individual taxpayer conditions. What are some of the most common deductions?

The earned income tax credit can be considered a negative income tax.

Like Medicare, Social Security is funded by the federal payroll tax.