| A | B |
|---|
| Progressive Tax | The higher the income, the higher the tax |
| Tax Return | A declaration of that income and of the exemptions and deductions he or she claims |
| Payroll Taxes | Taxes emposed on all employees' paychecks |
| Regressive Taxes | Taxes levied at a flat rate, without regard to the taxpayer's income |
| Excise Tax | A tax laid on the manufacture, sale, or consumption of goods and/or services provided |
| Estate Tax | A levy imposed on the assets of one who dies |
| Gift Tax | A tax imposed on the making of a gift by a living person |
| Customs Duties | Taxes laid on goods brought into the United States from abroad |
| Interest | A charge for borrowed money, generally a percentage of the amount borrowed |
| Deficit | The yearly shortfall between income and outgo |
| Surplus | More income than outgo |
| Public Debt | The government's total outstanding indebtness |
| Entitlement | Benefits that the federal law says must be paid to all those who meet the eligibility requirements |
| Controllable Spending | Congress can decided how much per year they will spend; ex: nat'l parks, highways, education |
| Uncontrollable Spending | No estimate avaiable for how much to spend. Ex: Interest on public debt |
| Continuing Resolution | Allows affected agencies to continue to function on the basis of the previous year's appropriations |
