what are corrective taxes quizlet?
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Corrective Taxes. Pigovian Taxes. A tax designed to induce private decision makers to take account of the social costs that arise from a negative externality. Corrective tax equals external cost from activity with negative externalities.
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Regressive taxes are when higher income people pay a smaller percent of income than the lower income people (state and city sales taxes). Progressive taxes are when higher income people pay a greater percent of their income compared to lower income people (federal income taxes).
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Taxpayers who itemize deductions can deduct two types of taxes – property taxes, and state and local income taxes. Personal property taxes: Property taxes include state, local, and foreign real estate taxes that taxpayers pay on homes and other properties.
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A tax return is a form or forms filed with a tax authority that reports income, expenses, and other pertinent tax information. Tax returns allow taxpayers to calculate their tax liability, schedule tax payments, or request refunds for the overpayment of taxes.
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CURRENT INCOME TAX RATES AND BRACKETS Federal income tax rates are progressive: As taxable income increases, it is taxed at higher rates. Different tax rates are levied on income in different ranges (or brackets) depending on the taxpayer's filing status.
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These stabilizers are built into the structure of the economy. The government sets up the rules and criteria under which taxes and transfer payments work. If people meet the criteria, then they pay the taxes or receive the transfer payments. ... A regressive tax is generally a tax that is applied uniformly.
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A value-added tax (VAT) is a tax on consumption. Poorer households spend a larger proportion of their income. A VAT is therefore regressive if it is measured relative to current income and if it is introduced without other policy adjustments.
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Personal property tax is a tax which is based upon the value of taxable personal property. ... Your tax is calculated by dividing the assessed value of your property by 100 and then multiplying that result by the tax levy.
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Real estate tax and property tax are the same thing. The IRS uses the term "real estate tax," but most people call it "property tax." Property (real estate) tax is charged on immovable property—land and structures that are permanently attached to the ground such as a house, building, or land.
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Use Form 1040-X, Amended U.S. Individual Income Tax Return, to correct errors to an original tax return the taxpayer has already filed. Taxpayers can't file amended returns electronically. Mail the Form 1040-X to the address listed in the form's instructions (PDF).
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HST is a consumer tax which means that businesses are able to claim back any HST they pay on purchases of supplies, expenses ,etc. Any HST paid by the business is tracked in an account called HST Recoverable and is in a debit balance because like Accounts Receivable, it is money owed to the business.
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Taxes can be either direct or indirect. A direct tax is one that the taxpayer pays directly to the government. These taxes cannot be shifted to any other person or group. An indirect tax is one that can be passed on-or shifted-to another person or group by the person or business that owes it.
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How the standard deduction works. ... The standard deduction reduces the amount of income you have to pay taxes on. You can either take the standard deduction or itemize on your tax return — you can't do both. Itemized deductions are basically expenses allowed by the IRS that can decrease your taxable income.
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Four characteristics make tax a good tax and they are: certainty, equity, simplicity and efficiency.
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Excise taxes are taxes paid when purchases are made on a specific good, such as gasoline. Excise taxes are often included in the price of the product. There are also excise taxes on activities, such as on wagering or on highway usage by trucks.
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['Taxes on income - direct taxes. direct taxes - taxes paid directly to the government for example by employees from income, or by businesses from their profits.', 'Taxes on expenditure - added to price of goods/services like sales tax - indirect taxes. ... ', 'Taxes on business - such as taxes on the profits made by a company.']
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The individual and corporate income taxes and the estate tax are all progressive. By contrast, excise taxes are regressive, as are payroll taxes for Social Security and Medicare. Regressivity can be seen over some range of income (figure 2).