| A | B |
|---|
| Sales Tax | Taxes levied on a variety of goods and services collected at the time of the sale. |
| Progressive Tax | One in which the more a person earns, the greater the percentage of tax the person pays. |
| Regressive Tax | One in which all people pay the same dollar amount, but the percentage of the tax declines as the tax base rises. |
| Excise Tax | Levied on specific commodities, such as tobacco, tires, or liquor. |
| Tarriff | Tax on items coming into the country. |
| Quota | Limit on the quantity of a product that may enter a country. |
| Property Tax | Tax on real estate or personal property; the largest source of revenue of most local governments. |
| Personal property tax | Tax on such items as furniture, machinery, and equipment. |
| Estate Tax | Levied by the federal government on property transferred from deceased people to their heirs. |
| Inheritance Tax | One paid by the heir who receives property from a deceased person's estate. |
| Gift Tax | Tax on a gift of money or property to be paid by the giver, not the receiver, of the gift. |
