Protective Tariff A tax levied on imported goods with the purpose of reducing domestic consumption of foreign-produced goods.
Proportional Tax A tax that takes the same percentage of income from all income groups.
Property Taxes Taxes on property, especially real estate, but also can be on boats, automobiles (often paid along with license…
Personal Identification Number (PIN) Allow taxpayers to "sign" their tax returns electronically. The PIN, a five-digit self-selected number, ensures that…
Personal Exemption Can be claimed for the taxpayer and spouse. Each personal exemption reduces the income subject to tax by…
Nonrefundable Credit When the amount of a credit is greater than the tax owed, taxpayers can only reduce their tax…
Medicare Tax Used to provide medical benefits for certain individuals when they reach age 65. Workers, retired workers, and the…