Taxes Unit 7.5 Stossel on Taxes https://www.youtube.com/watch?v=Ov8niKVdXVQ (0:00 -7:39)

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Presentation transcript:

Taxes Unit 7.5 Stossel on Taxes https://www.youtube.com/watch?v=Ov8niKVdXVQ (0:00 -7:39)

Warm Up What do these words mean to you? Direct- Indirect- Regress- Progress- Proportion-

I. Constitution and Taxes Art. I, Sec.8, Clause 1- First power given Congress “power of the purse” Used to run government

No taxes on churches (1st Amendment) Limitations No taxes on churches (1st Amendment) Taxes used for public purposes only Appropriations –revenue bill originate in the House of Representatives

Early Taxes (Prior to 1912 & the 16th Amend.) Duties -tax on goods coming in to country, main source of gov’t money for early America Equal between states Direct tax- based on population (3/5 compromise included slaves) It is paid directly to the gov’t Indirect tax- on goods (liquor tax) Included in the price of a good or service

II. Forms of Taxes Federal Income tax Allowed by 16th Amendment Progressive income tax- percentage paid goes up with income (determined by “brackets”)

Controversy- should it be more proportional? Proportional tax –everyone pays the same percentage of their income in taxes Our current progressive tax: Top 5% pay 50% of all taxes Question of “loopholes”- ways of getting around paying taxes (charities, not-for-profit status, etc) http://www.irs.gov/pub/irs-pdf/i1040tt.pdf tax tables 2013 http://www.irs.gov/pub/irs-pdf/f1040ez.pdf 1040EZ

3. Corporate income tax- extra tax on corporations -36.9% on profits 4. Capital gains taxes- on stock market profits Payroll taxes Social Security Money for retired and disabled Matched by employer Medicare- money for healthcare for elderly

C. Other Federal Taxes Excise Taxes- taxes on goods and services (included as part of the price) Regressive taxes- As a percentage of your total income you pay, the number goes down the more money you make Ex: gasoline, tobacco, telephone Estate tax- tax on inheritances, but gifts up to $12000 are tax free

Close Who is exempt from paying taxes? Why? What is an excise tax? Who pays this kind of tax? What is income tax? Who pays this kind of tax? Name an example of a direct tax. Name an example of an indirect tax.