Tx Govt Ch 13 Vocab

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1

General sales tax

A broad based tax collected on the retail price of most items.

2

Selective sales(excise) taxes

Taxes levied on specific items only; also known as excise taxes.

3

Hidden taxes

Taxes included in the retail prices of goods and services.

4

Gross receipts tax

A tax on the gross revenues of certain enterprises.

5

Severance tax

A tax on raw materials (such as oil and natural gas) when they are extracted from their natural state.

6

Ad valorem tax

A tax assessed according to value, such as the tax on real property and personal property.

7

Real property

Land and buildings.

8

Personal property

Tangible possessions other than real estate.

9

Tax rate

The amount per unit of taxable item or activity.

10

Tax base

The object or activity taxed.

11

Broad based tax

A tax designed to be paid by a large number of taxpayers.

12

Regulatory tax

A tax imposed with the intent of exerting social or economic control by reducing taxes on approved behaviors or imposing higher taxes on undesirable activities.

13

Benefits received tax

A tax assessed according to the services received by the payers.

14

Ability to pay taxes

Taxes apportioned according to taxpayers’ financial capacity.

15

Progressive tax rates

Tax rates that increase as income increases; for ex-ample, the federal income tax is assessed using progressive rates.

16

Regressive tax rates

Tax rates that place more of a burden on low and middle income taxpayers than on wealthier ones; for example, sales taxes and most other consumption taxes are regressive.

17

Declining marginal propensity to consume

The tendency, as income in-creases, for persons to devote a smaller proportion of their income to consumer spending and a larger proportion to savings or investments.

18

Tax shifting

Businesses passing taxes to consumers in the form of higher prices.

19

General obligation bonds

Bonds to be repaid from general taxes and other revenues; such bond issues usually must be approved by voters.

20

Revenue bonds

Bonds to be repaid with revenues from the projects they finance, such as utilities or sports stadiums.

21

Appropriations

The process by which a legislative body legally authorizes a government to spend specific sums of money to provide various programs and services.

22

Supply side economics

The theory that higher income taxpayers should be taxed less because their savings and investments stimulate the economy.

23

Logrolling

Trading votes among legislators, especially to fund local projects to benefit their constituents.

24

Accountability

Responsibility for a program’s results for example, using measurable standards to hold public schools responsible for their students’ performance.

25

School finance reform

Changes in public school financial system resulting from a Texas Supreme Court ruling that significant inequality in school financial resources violated the state constitution; note that changes in any public policy are considered reform by their advocates.

26

Community college approach

Higher education policy based on open admissions, maximizing accessibility, and incorporating technical, compensatory, and continuing education among the traditional academic course offerings.

27

Affirmative action

Positive efforts to recruit ethnic minorities, women, and the economically disadvantaged. Sometimes these efforts are limited to publicity drives among target groups, but such programs have sometimes included ethnicity or gender as part of the qualification criteria.

28

Socialized medicine

Strictly defined, socialized medicine is a health care system in which the government hires medical practitioners who work at government owned facilities to directly provide health care, as in Great Britain and in U. S. veterans’ and military hospitals. However, the term is often applied to health care systems in which the government provides health care insurance ( such as Medicare) but benefit payments are made to private health care providers.

29

Medicaid

A program to provide medical care for qualified low income persons; although funded largely by federal grants in-aid, it is a state administered program.

30

Children’s Health Insurance Program ( CHIP)

Program that provides health insurance for low- income children. It is administered by the state but funded largely by federal grants in aid.

31

Medicare

A federal program to provide medical insurance for most persons older than 65 years of age.

32

Health Care Reform (HCR)

A comprehensive federal program expanding health insurance coverage with broader Medicaid coverage, individual mandates, guaranteed issue requirements, health insurance subsidies, and exchanges.

33

Guaranteed issue requirements

Requirement that insurance companies will sell health insurance to applicants despite preexisting conditions.

34

Individual mandate

Requirement that individuals get health insurance or pay a tax penalty to the federal government.

35

Unemployment insurance

Benefit program for certain workers losing their employment; a joint federal– state program financed with a tax on employers.

36

Income redistribution

A public policy goal intended to shift income from one class of recipients to another, regardless of whether these programs are designed to benefit lower, middle, or upper income groups.

37

Social insurance

Public insurance programs with benefits based on tax premiums paid by the beneficiary or his or her employer; for example, Social Security and unemployment compensation are social insurance programs that are not based on need alone.

38

Means test

A standard of benefit eligibility based on need.

39

Mass transit

Transport systems that carry multiple passengers such as train and bus systems; whether publicly or privately owned, mass transit systems are avail-able to the general public and usually charge a fare.