History and Geography 700 - Unit 9: Economics and Politics of a State STATE FINANCE: TAXING AND BORROWING

Revenue sharing is collecting taxes at the local level and distributing them at the federal level. True or False

False

progressive taxes

Taxes in which those with higher incomes pay a higher rate

excise taxes

Taxes on specific items

sales taxes

Taxes on the price of merchandise

inheritance taxes

Taxes on the value of a property one inherits

income taxes

Taxes upon the money people earn

severance taxes

Taxes upon the use of natural resources

Some students of taxation believe that progressive taxes destroy the:

incentive to produce more

The burden of taxation is called the:

incidence of taxation

Which type of debt is often limited by state constitutions?

long- term

Many believe that the sales tax is a:

regressive tax

List three kinds of bonds.

serial bonds, revenue bonds, general obligation bonds

Bank loans and tax anticipation warrants are which type of debt?

short-term