Taxes:  Money paid to the government from the people.  Taxes pay for government services for us, including:  Schools  Police  Social services (welfare)

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Presentation transcript:

Taxes:  Money paid to the government from the people.  Taxes pay for government services for us, including:  Schools  Police  Social services (welfare)  Road construction  Libraries…. etc.

Sales Tax:  Sales tax is the same for everyone  A certain percentage added on to what you pay for an item.  This is why things that are 99¢ in MD actually cost $1.06.

Property Tax:  A tax you pay depending on the amount your property (home) is worth  Pay more taxes if you house is worth more (and vice versa)  You pay this to the city/town you live in.

Income Tax:  The government takes a certain percentage of everyone’s income in order to pay for everything it does.  More money you make, more income tax you pay.  Income tax pays for things like food stamps, housing vouchers, welfare, etc.

Income Tax & Economic Equity  Economic Equity: We have a tax system in the United States that is fair to everyone.  Equity is different from equality. If we had an equal tax system, everyone would pay the same amount. Equity means everyone pays what is fair for them.

How the Government Encourages “Good Behavior” through Income Taxes:  The Government allows for income tax deductions to encourage or incentivize good behavior  You can receive an income tax deduction for donating money to charities, donating clothes to Salvation Army, etc.