Fiscal policy

property tax

tax paid on local level on property/owning a space

flat tax

tax that is the same for all; does not change based on income

P.I.L.O.T.

payment in lieu/place of taxes; paid by non-profits/charities

sales tax

tax that is paid on products/purchased goods

sin tax

tax on “sinful” goods: liquor, vapes, etc.

individual income tax

tax that's people must pay on their incomes/salaries

corporate income tax

tax that companies pay on their earnings

how do local/town/city govs get money?

property taxes (primarily), dog and liquor licenses, parking tickets, PILOTS

how do state govs get money?

sales taxes, sin taxes, st. individual income taxes, st. corporate income taxes

what do local/town/city govs spend money on?

public schools

what do state govs spend money on?

education (45%), Medicaid (45%), st. cops (3%), st. prisons (3%), highways (3%)