Government Expenses -Government Services -Government Employees

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Presentation transcript:

Government Expenses -Government Services -Government Employees -Revenue Sources 60% to 80% come from taxes

Politics of Taxation -all citizens of all governments pay taxes -how much is enough??? -citizen revolts

Taxation Limits -all tax bills must begin in House of Representatives -uniformity of taxes -can’t tax interstate trade or exports

Taxation Principles -Adam Smith Wealth of Nations -Based on Ability to Pay -Progressive Tax-- Tax that is based on the ability of a person to pay and people who make more money pay a greater percentage -Regressive Tax-- Tax that is paid on an equal percentage by everyone---can be unfair to those with less of a disposable income

Taxation Principles -Adam Smith Wealth of Nations -Based on Ability to Pay -Progressive Tax-- Tax that is based on the ability of a person to pay and people who make more money pay a greater percentage -Regressive Tax-- Tax that is paid on an equal percentage by everyone---can be unfair to those with less of a disposable income

Income Taxes -Personal Income Tax -Provides most of Federal Revenue -Taxes based on Taxable Income Exemptions Deductions Tax Returns -Corporate Income Tax

Property Taxes -Property Tax -Primary revenue for local governments -Based on estimated value -Stable source of revenue

Sales Taxes -Sales Tax -Most sales taxes go to state government -Easy to collect -Sales Taxes are Regressive -Excise taxes-- Tax that is placed upon certain items such as gas, alcohol, and cigarettes

Sales Taxes -Sales Tax -Most sales taxes go to state government -Easy to collect -Sales Taxes are Regressive -Excise taxes-- Tax that is placed upon certain items such as gas, alcohol, and cigarettes

Other Taxes -Social Security Taxes -Estate Taxes -Gift Taxes -Tariffs

Non-Tax Revenue -Intergovernmental Revenue -Selling Excess Land or Property -Tolls -Fines -Fees, Licenses, Disposal, Permits -Lotteries