 Taxes have been around for many years. It all started in 1861 when congress passed the revenue act during the civil war. The taxes helped pay for the.

Slides:



Advertisements
Similar presentations
Wealth, Income and Employment. The Profit Formula Profit = Revenue – Expenses Profit: the money left over after a business pays all of its expenses Revenue:
Advertisements

A scenario… You design websites for local businesses. You charge $200 per website, and currently sell 12 websites per month. Your costs are rising (including.
The role of government in the United States economy How does the United States government promote and regulate competition?
Fiscal Policy and Federal Budget. Vocab  Federal Budget-The federal governments plan for the use of the government revenues  Fiscal Year-a 12-month.
Warm up: W 1.) Calculate the total cost if I want to by an iPod that cost $120 and the sales tax rate is 7.5% 2.) Calculate how much I will pay in tax.
Government Sources of Revenue TAXES. Two Purposes of Taxation Raise money for government services Restrict and control the market [Administrative law]
Sources of Government Revenue Chapter 9. Economic Impact of Taxes Resource Allocation –Higher taxes = lower supply Increases the price of the product.
 Please pick up a Bell Ringer from the basket and complete! › Use yesterday’s COGS Example to help you  When you finish, download today’s notes from.
Bell Work: Tax and Tip! Your bill is $ What is your total after you leave a 20% tip and pay 5% tax? Method 2 Multiply the price by 125% since.
The “ability to ___ principle” is an accepted principle of tax fairness. Pay.
Supply Chapter 5.
Taxes:  Money paid to the government from the people.  Taxes pay for government services for us, including:  Schools  Police  Social services (welfare)
Money, Taxes and Fiscal Policy By Ms. Lane. Our Banking System In 1913, Congress and the President passed a law that established the Federal Reserve System.
 Taxes have been around for many years. It all started in 1861 when congress passed the revenue act during the civil war. The taxes helped pay for the.
Wilson’s New Freedom Chapter 17 Section 5
The Laffer Curve Having your cake and eating it too!
Public Finance (2)1 2 Economic effects of direct taxes The net income of workers will ________. Some workers will prefer _______ to work. Labour supply.
Section 3.6 I.B. Economics Taxation Descriptive Overview: Students will describe the most common types of taxes levied by the government. Students.
Unit 6 Economics America’s Market Economy
Welcome to class! Please sit down, clear your desk, and get out a writing utensil. Today we are learning about Federal Income Taxes!
Taxes & Government Spending
Price: Supply and Demand Together 9B Social – Economics.
Rano. Z.ZAkhriddinova Taxation. Types of taxation:  regressive tax  progressive tax  proportional tax.
Supply ©2012, TESCCC Economics Unit 4, Lesson 1. Objectives 1.Define supply. 2.Explain the law of supply. 3.Analyze the relationship between cost of production.
For Chapin Manufacturing Corporation By: Jennifer Olsen.
 What prime factorization is.  For example the prime factorization of 24 = 2223  Today we will learn how to find the greatest common factor of two.
KEY TERMS: Sin tax Tax loophole Sales tax Proportional tax
 decimals/cc-7th-fracs-to-decimals/v/converting-fractions-to-decimals-example.
Ch.6 Break-even and Leverage Analysis Goals: 1. Fixed and variable costs 2. Operating and cash break-even points 3. Business risks and financial risk 4.
Lesson 1: Pricing. Objectives You will:  Calculate price based on unit cost and desired profit  Compute margin based on price and unit cost  Maximize.
Why Should I Pay?. History of Taxation  The history of taxation in the United States started when it was composed of colonies ruled by the British, French.
SUPPLY AND DEMAND CHART Supply Curve: Slopes upward to the right Why? Producers will produce more if the price is high- it will increase revenue Called.
Camryn Guinn Percent App..  The first state that had sales takes was, Virginia Sales taxes pays for income tax, property tax. Texas first started.
Economics 1.Having to do with the production, distribution, and consumption of goods and services 2.The management of the income, supplies, and expenses.
Taxes and the Economy. Two Basic Principles of Taxation Benefits received principle – people benefit from the taxes they pay.
Harcourt Brace & Company Chapter 12 The Design of the Tax System (pp )
The dinghy is for sale in a boat shop for $2700 but by paying cash Greg can save 20%. 20% of $ ÷ 100 x 2700 = – 540 = 2160 The cash price.
ECON chapter 9 1. __________ affect the factors of production & therefore, resource allocation.
Quiz III Consumer and Producer Surplus. 1. Determine the consumer surplus at the equilibrium price shown below
Chapter 16: Financing Government Section 2. Copyright © Pearson Education, Inc.Slide 2 Chapter 16, Section 2 Objectives 1.Describe federal borrowing.
1 Taxation. 2 Decide fairest taxation method: a. same percent for all b. greater percent for the individuals with high incomes c. greater percent for.
G OVERNMENT R EVENUE AND S PENDING. W HAT ARE TAXES ? Taxes are the way that the government makes money. There are different kinds of taxes and they go.
Ratios. Current Ratio This shows how easily the business can pay its current liabilities out of its current assets. Current ratio = current assets Current.
PERCENT INCREASES. NS 1.4 Calculate given percentages of quantities and solve problems involving discounts at sales, interests earned, and tips. Today’s.
I. Taxes and Other Revenue.  Get into groups and complete the Work Sheet. Use the textbook to find the percentages.
Taxation in the United States Goal 9 Notes. Government Financing, Taxes, And Spending  Each year the federal and state governments make and pass budgets.
Break Even Analysis.
S & E Economics.
1.2.9 Unit content Students should be able to: Assess the impact of indirect taxes on consumers, producers and the government Calculate the incidence of.
Today’s Schedule – 11/15 Defining Taxes PPT Tax Forms Tax Goals Research HW – Read 14.2.
Debt The National Debt is the total amount of money we owe to countries and people we have borrowed from – How do we borrow? – Treasury Bonds.
Jefferson City Revenue Forecast Staff Analysis. Accuracy in Estimates Important to Make Best Use of Tax Payer Money.
Macroeconomics, Part II Government Taxation and Spending, or Why Never to Give a Congressman Your Debit Card.
16 th and 18 th Amendment. Sixteenth Amendment Civil War: debts caused Congress to enact first federal income tax. Based on ability to pay – only people.
THE WHO, WHAT, WHY, AND HOW OF GOVERNMENT SPENDING Executive and the Economy.
ELASTICITY OF SUPPLY APPLICATIONS. Today’s Class… Definition and Calculation Types of Supply Curves Determinants Applications of Elasticity in Economics.
7-1 BUYING A NEW CAR OBJECTIVES: 1) CLASSIFY COSTS OF OWNERSHIP AND COSTS OF OPERATION FOR A CAR 2) CALCULATE EXPENSE PER MILE FOR A CAR 3) CALCULATE MARKUP.
TEMPERANCE AND THE 18 TH AMENDMENT. FROM A RELIGIOUS TO SOCIAL REFORM Began after American Revolution from mostly religious organizations Linked to domestic.
Marketing I Curriculum Guide. Pricing Standard 4.
Chapter 4 and 5 Economics Chapter 4 and 5 Economics.
Class Presentation Sources of State Revenue. Georgia Performance Standard SS8E4  The student will identify revenue sources for and services provided.
Forms of Taxation Progressive, Regressive, and Flat Rate Taxes.
Taxes. What are Taxes? Taxes are payments that people are required to pay to a local, state, or national government.
Supply ©2012, TESCCC Economics Unit 4, Lesson 1. Objectives 1.Define supply. 2.Explain the law of supply. 3.Analyze the relationship between cost of production.
AS Economics Mr. Durham
INCOME STATEMENT 1. Net Sales 2. Net Purchases
AP Economics Lesson Plan

Budgeting at the State Level
Objective 2.6 Sources of Revenue for the National Government
Presentation transcript:

 Taxes have been around for many years. It all started in 1861 when congress passed the revenue act during the civil war. The taxes helped pay for the war’s expenses. Today sales taxes are used for paying transportation, construction, school, war supplies, and many more. Taxes are a good economic system for the united states. Without taxes we would not be able to afford all of the things listed above.  I think we need sales tax, because without it we would have trouble paying for things that we need. Most people hate taxes but if you think about it taxes helps us in many ways. Did you know that sales tax help pay for the internet? Without the internet we would not be able to do many of the things that we do now.

Excel chart!

Circle GraphComparasions  The ipad cost more and had a greater percentage then any other item.  Ipod was the second greatest cost. It had the second higher percentage.