Taxes.

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Presentation transcript:

Taxes

Types of taxes Income Taxes Excise Taxes Sales Taxes Property Taxes

Income Taxes The federal income tax was authorized by the 16th Amendment in 1913. Most people in the United States have income tax withheld from their paychecks. The income tax is the largest source of federal revenue.

Income Taxes (Cont.) Income taxes could also be paid on Interest earned from a bank Money earned from the profit you make on the sale of stock or a property called capital gains taxes Dividends paid by a company in which you own stock Money you win from gambling or the lottery

Excise Taxes Considered a user tax - if you don’t want to pay the tax, don’t use the product. These are taxes paid on specific goods Gas Alcohol Cigarettes Taxes are paid per unit (per gallon, per pack, etc.)

Sales Taxes There is no federal sales tax Sales taxes are a percentage of the purchase price Most states exclude some items from the sales tax (in Minnesota we exclude many things from sales tax like clothing and food)

Property Taxes There is no federal property tax Property taxes are paid by businesses and individuals on their real personal property Houses Cars Property taxes typically are a percentage of the value of the property.

Categories of taxes Progressive - The more money you make, the higher the percentage of your income you pay in taxes Regressive - The higher your income, the lower the percentage income paid in taxes.