Title: Describe the types and purposes of local, state, and federal taxes and the way each is levied and used.
Course: Personal Finance (19262-II) > Section: Demonstrating Knowledge of Taxes

Description should incorporate the basic types and purposes of taxes, including

- income
- estate
- excise
- FICA
- flat
- gift
- inheritance
- luxury
- progressive
- property
- proportional
- real estate
- regressive
- sales
- Social Security.

Description should also include the ways taxes are levied and the ways the resources are used by all levels of government (e.g., for local, state, and federal services, such as defense, education, transportation, public safety).