Chapter 12 Key concepts.rtf - Chapter 12 Vocab Budget...

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Chapter 12 Vocab Budget Deficit – An excess of gov. spending over gov. receipts Budget Surplus – An excess of gov. receipts over gov. spending Average Tax Rate – Total taxes paid divided by total income Marginal Tax Rate – the extra taxes paid on an additional dollar of income Lump-sum tax – A tax that is the same amount for every person Benefits Principle – The idea that people should pay taxes based on the benefits they receive from government services Ability-to-pay principle – The idea that taxes should be leveled on a person according to how
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