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R

refund

Money owed to taxpayers when their total tax payments are greater than the total tax. Refunds are received from the government.

refundable credit

When the amount of a credit is greater than the tax owed, taxpayers can receive a “refund” for some of the unused credit.

regressive tax

A tax that takes a larger percentage of income from low-income groups than from high-income groups.

resources

Factors needed to produce goods and services (natural, human, and capital goods).

revenue

The income the nation collects from taxes.

revenue tariff

A tax on imported goods levied primarily to generate revenue for the federal government.