Capitalism as an Economic System

Slides:



Advertisements
Similar presentations
Everything You Ever Wanted Know About the BEA Regional Property Income Estimates Mauricio Ortiz Pacific Northwest Regional Economic Conference.
Advertisements

Chapter 15 Unemployment. Copyright © 2006 Pearson Addison-Wesley. All rights reserved TABLE 15.1 Civilian Labor Force Participation, Employment,
PASFAA Conference October 31, 2012 Federal Tax Individual Returns Forms 1040/1040EZ/1040A Partnership Returns Form 1065 Corporate Returns Sub-chapter S.
TAXES By Stevie VanDeVelde.
Chapter © 2010 South-Western, Cengage Learning Federal Income Tax Our Tax System Filing Tax Returns 7.
Paying Taxes © 2010 Pearson Education, Inc. All rights reserved Chapter 6.
Copyright Oxford University Press 2009 Chapter 12 Income Taxes.
Online Industry Market Research Presented by Janet Harrah, Director Center for Economic Development & Business Research, Wichita State University.
Copyright © 2009 Pearson Education, Inc Topic 1. Chapter 2 Overview of Labor Market.
Take Charge.  Ability To Pay – a concept of tax fairness that people with different amounts of wealth or different amounts of income should pay taxes.
Types of Taxes personal income tax (all types of income) payroll tax (15.3 % of wage and salary income) corporate income tax (corporate profits) excise.
WILL TAXATION EVER END?. “But in this world, nothing can be said to be certain except death and taxes.”
Copyright ©2004 Pearson Education, Inc. All rights reserved. Chapter 4 Using Tax Concepts for Planning.
INCOME TAXES (How much will you keep?)
*2011 IRS forms are displayed in this chapter because 2012 forms were not available at the time of main text publication IRS forms can be obtained.
Paying Taxes © 2010 Pearson Education, Inc. All rights reserved Chapter 6.
Taxes and Public Policy. Role of Government Provide society with a set of public goods and services. Provide society with a set of public goods and services.
Lesson 2-3 Taxes and Other Deductions - List the required and optional deductions from gross pay. - Explain the contents of commonly used federal tax forms.
Chapter 3 Review February 27, 2008.
Chapter Fourteen Taxes, Transfers, and Income Distribution.
WAGES AND INCOME TAX ( How much will you keep?). Employment Classifications Full-Time Full access to benefits & better pay Part-Time Fewer hours – benefits.
Population, Income, and Expenditures George Haynes Doug Young Myles Watts Department of Agricultural Economics and Economics Montana State University Support.
Middle Georgia Income in 2008 Types of Income Data Available Per Capita Personal Income Adjusted Gross Income (AGI) Median Household Income.
Distribution Tables Staff Presentation July 20, 2005.
WARM UP Write these numbers in words 1,000 1, ,000 10,000 1,000,000 1,000,000.
Earning Potential Amount of money you can receive based on: Amount of money you can receive based on: Level of education Level of education Career path.
Completing the 1040EZ 1040 EZ vs A Day 3. Read the Tax Process article In your notebook: What is the maximum income you can earn in order to complete.
Social Security: Where Are We? Where Are We Going? Melanie Griffin.
Chapter 12: Low-Income Assistance Chapter 8 Income Taxes Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Paying Taxes Chapter 6.
Gemmer Asset Management LLC Summary of 2013 Tax Changes January 16, 2013.
PowerPoint Presentation by Charlie Cook Copyright © 2004 South-Western. All rights reserved. Chapter 21 The Macroeconomic Environment.
Chapter 2 Overview of the Labor Market. Copyright © 2006 Pearson Addison-Wesley. All rights reserved. 2-2 FIGURE 2.1 Labor Force Status of the U.S. Adult.
U.S. Federal Tax. What is the U.S. tax? Individual income tax Corporate income tax Social insurance taxes Excise taxes Estate and gift taxes Import taxes.
Paying Taxes Essential Question: Why is paying taxes important and how does it affect an individual’s financial plan? Chapter 6.
Twenty Questions Economics & Personal Finance UNIT TEST REVIEW: INCOME & TAXES.
Paycheck Basics Personal Finance. Income Unearned Income “An individual's income derived from sources other than employment, such as:”incomesourcesemployment.
The People’s Game Show $200 $400 $600 $800 $1,000 The Rich & The Poor
Chapter 2 Income Sources
Chapter 4: Using Tax Concepts for Planning
Cleary / Jones Investments: Analysis and Management
Chapter 3 Jones, Investments: Analysis and Management
Chapter 2 Income Sources
CHAPTER 2 Income, Benefits, and Taxes
Aggregate Demand, Employment, and Unemployment
Government and the Economy in Transnational Capitalism
Progress and Poverty on a World Scale
Government and the Economy
The Dilemmas of Macroeconomic Policy
U.S. Capitalism: Accumulation and Change
The Mosaic of Inequality
Payroll taxes and Paychecks Take Charge of your Finances
Supply and Demand: How Markets Work
Samuel Bowles, Frank Roosevelt, Richard Edwards, Mehrene Larudee
Capitalist Production and Profits
Competition and Concentration
The Surplus Product: Conflict and Change
Chapter 8 Employment, Unemployment, and Wages.
Taxation in the USA.
Competition and Coordination: The Invisible Hand
Chapter 2 Income Sources
MYPF 7.1 Our Tax System 7.2 Filing Tax Returns
Chapter 7 Review Personal Finance.
NATIONAL HEALTH REFORM ANALYSIS OF PROPOSED SENATE EXCISE TAX
Indirect Investing Chapter 3
MYPF 7.1 Our Tax System 7.2 Filing Tax Returns
A Three-Dimensional Approach to Economics
MYPF 3.1 Our Tax System 3.2 Filing a Tax Return
Public Finance: Expenditures and Taxes
Presentation transcript:

Capitalism as an Economic System Chapter 5 Capitalism as an Economic System Samuel Bowles, Frank Roosevelt, Richard Edwards, Mehrene Larudee Understanding Capitalism, Fourth Edition, Copyright © 2018 Oxford University Press

Samuel Bowles, Frank Roosevelt, Richard Edwards, Mehrene Larudee Figures and Tables Samuel Bowles, Frank Roosevelt, Richard Edwards, Mehrene Larudee Understanding Capitalism, Fourth Edition, Copyright © 2018 Oxford University Press

TABLE 5.1 Varieties of Economic Systems Samuel Bowles, Frank Roosevelt, Richard Edwards, Mehrene Larudee Understanding Capitalism, Fourth Edition, Copyright © 2018 Oxford University Press

Samuel Bowles, Frank Roosevelt, Richard Edwards, Mehrene Larudee FIGURE 5.1 Percent of All U.S. Labor Performed that is Unpaid, Paid Commodity-Producing, and Paid Non-Commodity Producing, 2013. This pie chart shows how much of all labor is household labor and other nonmarket work, how much is paid employment that produces commodities (in for-profit enterprises), and how much is paid employment that does not produce commodities (divided into government work at all levels and work for nonprofit organizations). Approximately 12.5 billion hours of labor were performed in a typical week in the U.S. in 2013, and the percentages in this figure represent shares of this total number of hours. The data are presented in terms of hours of labor rather than numbers of workers because most people participate in both household labor and paid employment. Based on the American Time Use Survey and other government data, about half the work performed in the U.S. is nonmarket (unpaid) labor. Sources: U.S. Department of Labor, Bureau of Labor Statistics, “American Time Use Survey, Table A-1 for 2013,” available at https://www.bls.gov/tus/tables/a1_all_years.xlsx; BLS, “Total civilian labor force in the U.S. in 2013,” news release, available at http://www.bls.gov/news.release/archives/empsit_01102014.pdf; U.S. Census Bureau, “Annual Survey of Public Employment and Payroll Summary Report, 2013,” available at http://www2.census.gov/govs/apes/2013_summary_report.pdf; BLS, “Nonprofits account for 11.4 million jobs, 10.3 percent of all private sector employment,” The Economic Daily (TED), October 21, 2014, available at http://www.bls.gov/opub/ted/2014/ted_20141021.htm. Samuel Bowles, Frank Roosevelt, Richard Edwards, Mehrene Larudee Understanding Capitalism, Fourth Edition, Copyright © 2018 Oxford University Press

FIGURE 5.2 The concentration of ownership of capital goods The bar on the left represents the 117.6 million households (families and individuals) that made up the U.S. population in 2010. The bar on the right represents the value of all the publicly traded stocks of corporations in the same year, and it shows the proportions of stocks that were owned—whether directly or indirectly through mutual funds, trusts, and retirement accounts—by the various wealth groups. The figure shows that the wealthiest 1 percent of households owned 35.0 percent of the corporate stock, that the top 10 percent (which includes the top 1 percent) owned 80.8 percent of such wealth, and that the bottom 90 percent of American households owned 19.2 percent. Source: Data from Edward N. Wolff, “The Asset Price Meltdown and the Wealth of the Middle Class,” NBER Working Paper 18559, 2012, 57, Table 9, available at http://www.nber.org/papers/w18559. Samuel Bowles, Frank Roosevelt, Richard Edwards, Mehrene Larudee Understanding Capitalism, Fourth Edition, Copyright © 2018 Oxford University Press

TABLE 5.2 Sources of Income for U.S. Taxpayers, 2011 Note: Wages and salaries as a percent of total income can exceed 100% because deductions on tax returns can make Adjusted Gross Income lower than wages and salaries. The data on individual tax returns also include S-corporation returns, which are filed by individuals whose businesses are not incorporated. * “Income level” refers to the “adjusted gross income” reported on the tax returns filed with the IRS in 2011. ** No. of “taxpayers” is the number of tax returns filed with the IRS in 2011. Since many multiple-earner families file “joint” tax returns, the number of returns is less than the number of income-earners. The data in this table are based on tax returns. *** Total income includes, in addition to wage and salary income: interest, dividends, rent, royalties, and capital gains, all of which are forms of property income; and many types of nonwage income (generally smaller amounts than those derived from property), including business and professional income, social security benefits, alimony, and unemployment insurance. Source: U.S. Treasury Department, Internal Revenue Service, Statistics of Income: Individual Income Tax, All Returns: Sources of Income, Adjustments, Deductions, and Exemptions, 2011, Table 1.4. Available at https://www.irs.gov/uac/SOI-Tax-Stats-Individual-Income-Tax-Returns. Samuel Bowles, Frank Roosevelt, Richard Edwards, Mehrene Larudee Understanding Capitalism, Fourth Edition, Copyright © 2018 Oxford University Press