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Reggie stated, "I believe that I should be able to drive as fast as I want." Reggie just stated a(n) _____.
Excise Tax
A targeted tax imposed on the sale of specific goods and services, such as alcohol, tobacco, and fuel.
Equilibrium Price
The price at which the quantity of a good or service demanded equals the quantity supplied, leading to market stability.
Progressivity
A characteristic of a tax system in which the tax rate increases as the taxable amount increases, placing a larger burden on high-income earners.
Federal Payroll Tax
Taxes imposed by the federal government on the wages of employees, which fund social security and Medicare programs.
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