Taxes and the National Debt

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Presentation transcript:

Taxes and the National Debt Do we have a fair tax system?

History of Taxes Colonists hated British taxes (Taxation w/o representation) Articles of Confederation couldn’t tax (Disaster) Constitution gives power to tax to House of Representatives (most democratic) Income tax amendment XVI (1913 made taxes more fair)

Goals of Taxation Raise Revenue (The country has to pay it’s bills or does it?) Influence Behavior (sin tax on cigarettes, deductions for kids) Be Fair Regressive –tax the same amount for different incomes Progressive – higher taxes for higher incomes

Types of Taxes Federal Income Tax

Social Security and Medicare

Sales Tax, Excise, Property Taxes 7.5% sales tax in Enumclaw Excise Gas Tax is .60 per gallon / car tabs /etc. Average person in King County pays $4500.00 in property taxes a year. Lets just estimate that the average person in King County pays approx. 7% in state taxes

Investments Taxed much lower (Capital Gains 10%) Types of Compound Interest investments Safe = low yield (savings account) Moderate risk / yield (mutual funds) High risk / yield (individual stocks) Investment Calculator

Personal Debt Bad debt (The value of the item decreases) Pay day loans (300-500% interest rate) Credit card (15-25 % interest rate) Auto (3-10% interest rate)

Good Debt Helps you generate income or goes up in value Student loan debt (3-5% interest) Small Business loans (3-5%) Home Mortgage (4-6%)

National Debt Currently Over 18 trillion Why borrow? Dangers Keynesian Economics (borrow to stimulate economy) Lack of will-power (lower taxes but higher spending) Dangers People won’t continue to invest Interest rates go up