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TAXES, taxes, taxes Understanding taxes.

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1 TAXES, taxes, taxes Understanding taxes

2 Classifications of Taxes
Progressive – imposes a higher percentage rate of taxation on persons with higher incomes, and usually use a marginal tax rate. Regressive – imposes a higher percentage rate of taxation on low incomes than on high incomes. Proportional – imposes the same percentage rate of taxation on everyone, regardless of income.

3 Types of Taxes Personal Income Tax (Federal and State) Sales Tax Excise Taxes Property Tax Social Security Tax (FICA) Estate Tax Gift Taxes

4 TAX FORMS Taxes are the main source of revenue for
the federal, state and local government and are used to provide us with public goods and services. They are also used to help the government stabilize the economy. See tax forms and information.

5 Tic tAc taxes


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