| A | B |
|---|
| tax | fee levied by the government to raise revenue |
| income tax | the percentage of a person's earnings to be paid to the government |
| payroll tax | taxes taken out of an individual's paycheck before it's issued |
| progressive tax | the higher one's income, the higher the tax |
| tax return | the document that declares income and exemptions by individuals |
| corporate tax | income tax paid by businesses |
| regressive taxes | taxes levied at a flat rate regardless of income |
| excise tax | a tax on domestic goods or services |
| estate tax | levy imposed on assets of one who dies |
| gift tax | levy imposed on transfer of goods from one person to another |
| custom duty | tax on imported goods |
| interest | a charge for borrowed money |
| deficit | the yearly shortfall between revenue and expenditure |
| surplus | to have more revenue than surplus |
| public debt | all money the government owes |
| entitlements | benefits that federal law says must be paid to all who meet requirements |
| controllable spending | expenditures that Congress and the President decide year to year |
| uncontrollable spending | mandatory expenditures of the federal government |
| budget | the detailed plan of government spending for a given year |
