TAXES AND YOU The American Taxation System. “The Art of Taxation is to Pluck the Goose Without Making it Squawk” - Colbert 1778.

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Presentation transcript:

TAXES AND YOU The American Taxation System

“The Art of Taxation is to Pluck the Goose Without Making it Squawk” - Colbert 1778

Net and Gross Income Taxes – Required payments of money to governments that are used to provide public goods and services. Net – Take home pay Gross – Base Pay

Primary Tax Base Consumption Taxes Sales – Tax on any item sold. Excise Tax – Taxes on the sale of specific products or transactions.

Wealth Tax Property Most important source of income for local governments. Reappraised every 6 years. Updated every 3 years.

Progressive and Regressive Taxes Progressive – Taxes that take a larger % of income from higher-income groups than low-income groups. Regressive – Taxes that take a larger % of income from lower-income groups than higher income groups.