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Chapter 14SectionMain Menu Taxes
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Chapter 14SectionMain Menu Clear Target I will be able to describe progressive, proportional, and regressive taxation.
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Chapter 14SectionMain Menu Tax Bases A tax base is the income, property, good, or service that is subject to a tax.
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Chapter 14SectionMain Menu Tax Structures Proportional Taxes –A proportional tax is a tax for which the percentage of income paid in taxes remains the same for all income levels.
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Chapter 14SectionMain Menu Tax Structures Progressive Taxes –A progressive tax is a tax for which the percent of income paid in taxes increases as income increases.
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Chapter 14SectionMain Menu Tax Structures
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Chapter 14SectionMain Menu Tax Bases and Tax Structures Regressive Taxes –A regressive tax is a tax for which the percentage of income paid in taxes decreases as income increases.
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Chapter 14SectionMain Menu
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Chapter 14SectionMain Menu Sources of Revenue Federal government –Federal income tax State governments –State income or sales taxes Local governments –Property taxes
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Chapter 14SectionMain Menu Which tax structure is it? A state income tax that requires anyone making less than $20,000 a year to pay a 5% tax rate and anyone making $20,000 a year or more to pay a 15% tax rate. Progressive
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Chapter 14SectionMain Menu Which tax structure is it? A city places a 2% sales tax on all purchases. Regressive
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Chapter 14SectionMain Menu Which tax structure is it? The U.S. federal income tax Progressive
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Chapter 14SectionMain Menu Which tax structure is it? A state income tax that charges everyone 10% Proportional
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Chapter 14SectionMain Menu Which tax structure is it? The Tennessee state sales tax Regressive
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Chapter 14SectionMain Menu Other Types of Taxes Excise Taxes –An excise tax is a tax on the sale or production of a good. Federal excise taxes range from gasoline to telephone services. Estate Taxes –An estate tax is a tax on the estate, or total value of the money and property, of a person who has died. Estate taxes are paid before inheritors receive their share. Gift Taxes –A gift tax is a tax on the money or property that one living person gives to another. Import Taxes –Taxes on imported goods are called tariffs.
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