personal income tax, tax imposed on people’s wages and salaries, sales tax, levied on the sale of goods and services that is usually calculated as a percentage of the purchase price and collected by the seller, fiscal policy, macroeconomic policy which controls the Government revenue and spending, regressive tax, A tax system that provides that average tax rates decrease with increases in individuals' income brackets., progressive tax, A system of taxation in which persons or corporations areassessed at a greater percentage of their income according to the theoretical ability to pay, excise tax, placed on the sale or manufacture of a commodity, typically a luxury or harmful item, e.g. alcohol, tobacco, tax avoidance, legal way of reducing the amount of taxes that person or company has to pay, tax evasion, Illegal by reducing tax burden by underreporting income, overstating deductions, or using illegal tax shelters., seignorage, the profits made by a government from issuing banknotes, coins, tax payers, people who pay taxes

Unit 4

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