Tax Bases Anderson: Structure of Taxes. Copyright © by Houghton Mifflin Company. All rights reserved. 2 Introduction What is taxed—also known as the tax.

Slides:

Advertisements

Similar presentations

Its Inevitable… TAXES! Grade 8 Social Studies Online.

Advertisements

CONGRESSIONAL BUDGET OFFICE Total Revenues and Outlays Percentage of GDP Revenues: Funds collected from the public that come from a variety of sources,

Copyright © 2007 Global Insight, Inc. The U.S. Economic Outlook: How Much Fallout from The Housing Meltdown? Nariman Behravesh Chief Economist NAHB April.

16 Public Finance: Expenditures and Taxes McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

Basic Macroeconomic relationships

Aggregate Demand Module 17.

Taxes. The Average Tax Rate and the Marginal Tax Rate Income Marginal Total Average Level Tax Rate Tax Taxes Tax Rate 7-12 This is a hypothetical illustration.

Taxation in the UK JA Stenning Taxation in the UK Unit 6: Fiscal Policy.

Introduction & The Expenditure Approach

McGraw-Hill/Irwin Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved. WEEK 8 TAXES ON CONSUMPTION AND WEALTH.

Copyright©2000 by Houghton Mifflin Company. All rights reserved. 1 QUESTION.

Payroll withholding systemTax loophole Sin taxMedicare Property taxSurcharge Individual income taxProportional tax Investment tax creditRegressive tax.

Chapter 16 Public Finance: Expenditures and Taxes 1 Graphs and Tables Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

Budgetary Policy. Definition Budgetary policy (aka fiscal policy) relates to anticipated changes in the level and composition of federal government revenues.

Tax Bases Anderson: Structure of Taxes. What is Taxed? Defining the Tax Base The tax base reflects what is taxed, and therefore what is not taxed as well.

Taxation Unit 4 – Lesson 3.

Taxes & Taxation. Incidence of Taxation To learn who really is most burdened by a tax, you must look at the incidence of taxation. You can’t just look.

Public Finance by John E. Anderson Power Point Slides to Accompany:

Chapter 16: Financing Government Section 1

2-2 Unearned income and payment

Glossary of Key Terms asset. An item of value that a person owns, such as cash, stocks, bonds, real estate, and personal possessions. durable goods. Products.

Fiscal Policy Fiscal Policy – government policy toward taxing & spending. Federal Budget Prepared annually by the President Approved by Congress Budget.

Chapter 8 Presentation 2. Determinants of Consumption and Saving ***The amount of DI is the basic determinant of consumption and saving There are also.

Copyright © Houghton Mifflin Company. All rights reserved. 3 | 2.

The Non-Income Determinants of Consumption and Saving

Government budget and Taxes. Direct taxes: these take money directly from people’s incomes or from companies’ profits, – Income tax – payable on income.

TAXES CHANGE BEHAVIOR. 1.PAY FOR THE COST OF GOVERNING WHAT ARE THE FUNCTIONS OF TAXATION?

Chapter 12: Low-Income Assistance Chapter 8 Income Taxes Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.

Public Finance by John E. Anderson Power Point Slides to Accompany:

Income Tax- is a tax on income the money an individual or business earns. The 16 th amendment in 1913 gave our government the power to collect such a tax.

Taxation “In this world nothing can be said to be certain, except death and taxes.” Benjamin Franklin.

 10 trillion and counting   Solve the deficit 

Government Debt vs. Deficit

definitions  Tax Charge levied by the gov. to meet public needs  Levy To impose  Revenue How much money you bring in  Expenditure How much money you.

7 th Grade Civics Miss Smith *pgs  Income tax- tax on the earnings of individuals and businesses  The main source of revenue collected by.

Financing Public Education

Equity Concepts Anderson: Equity Aspects of Taxes and Expenditures.

Taxes. Tax A charge imposed by the government on people or property to raise money to meet public needs.

Do Now Write a list of as many types of taxes that you can think of…..

Sources of Government Revenue. Payroll Deductions Taxes – government fees on business and individual income, activities, products or property. Medical.

Government Finances: Fiscal Policy, Taxing and Spending Fiscal Policy Government Budget Federal Government Revenue Federal Government Expenditures State.

Two countries with best taxation systems Klaudia Mierzejewska Klaudyna Dzieniowska.

Fiscal Policy Chapter 12. Expansion and Contraction with Fiscal Policy Expansionary Policy (Stimulus) – Increase Government Purchases – Increase Transfer.

Sources of Government Revenue Ch. 9

LECTURE IX: Stylized Facts of Taxation

Tax Terms Define each Term and offer a specific example:

Fiscal and Monetary Policy

Government Expenses -Government Services -Government Employees

7th Grade Civics Miss Smith *pgs

Government Finances: Fiscal Policy, Taxing and Spending

Fiscal Policy: Spending & Taxing

Although taxes may be burdensome, they also make government possible.

Taxes and Taxation.

Unit 1: Basic Economic Concepts

Government Debt vs. Deficit

Using Taxation and Government spending to manage the nation’s economy

Unit 3: Supply, Demand, and Consumer Choice

Unit 1: Basic Economic Concepts

Taxation in the USA.

Economics Review Ch. 7, 8, 9 and 10

7th Grade Civics Miss Smith *pgs

Chapter 1-part 3 Business Taxes.

It’s Inevitable… TAXES!

Fiscal Policy: Spending & Taxing

Paying for Government.

Warm-Up Warm-Up: Do you think the wealthy or the poor pay a higher percentage of their income in taxes? How much do you think each group SHOULD be paying?

Unit 1: Basic Economic Concepts

Government Debt vs. Deficit

Presentation transcript:

Tax Bases Anderson: Structure of Taxes

Copyright © by Houghton Mifflin Company. All rights reserved. 2 Introduction What is taxed—also known as the tax base. The tax base for income, sales, VAT and other taxes. Concepts and issues of tax rates.

Size of the US government is relatively small

Most spending occurs at the federal level

Fiscal trends in the US are remarkably stable

Effect of Great Recession on Debt and Deficit

State/local revenue and spending are trending upward

Copyright © by Houghton Mifflin Company. All rights reserved. 8 Taxation in the Circular Flow of Income and Product

payroll tax A tax levied on income earned on one’s job. Taxes on Earnings Taxes on Individual Income individual income tax A tax paid on individual income accrued during the year. capital gains Earnings from selling capital assets, such as stocks, paintings, and houses. Types of Taxation

Taxes on Corporate Income corporate income tax Tax levied on the earnings of corporations. Taxes on Wealth wealth taxes Taxes paid on the value of the assets, such as real estate or stocks, held by a person or family. property taxes A form of wealth tax based on the value of real estate, including the value of the land and any structures built on the land. estate taxes A form of wealth tax based on the value of the estate left behind when one dies. Types of Taxation

Taxes on Consumption consumption tax A tax paid on individual or household consumption of goods (and sometimes services). sales taxes Taxes paid by consumers to vendors at the point of sale. excise tax A tax paid on the sales of particular goods, for example, cigarettes or gasoline. Types of Taxation

Ad Valorem and Unit Tax Examples

Sources of US Tax Revenue

Taxation Around the World