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4. Financing the US Government Financing State and Local Government Taxation in the United States Taxes and Public Finance > Taxation in the United States Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics?campaign_content=book_5770_section_52&campaign_term=Economics&utm_campaign=powerpoint&utm_medi um=direct&utm_source=boundless

5. Taxes can be used to stabilize the economy. The implementation of taxes can promote social equity; for example the use of progressive income taxes. There are many types of taxes that can be legislated to derive revenue for government operations. Financing the US Government Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/alternative-to-economics-3rd-paul-krugman-robin-wells-1464128731-9781464128738/taxes-and-public- finance-7/taxation-in-the-united-states-52/financing-the-us-government-197- 12427?campaign_content=book_5770_section_52&campaign_term=Economics&utm_campaign=powerpoint&utm_medium=direct&utm_source=b oundless Taxation authority View on Boundless.com Taxes and Public Finance > Taxation in the United States

6. State and local governments collect taxes from residents to support corresponding state and local government activities. Examples of these services include maintenance of public parks and provision of a police force. Property tax is an example of a local tax. It is imposed on the value of real estate. Sales tax may be imposed by both a state and local government. It is charged at the point of sale of the good or service. Income tax may be imposed by the federal, state, or local government. Tax rates vary by location, and often by income level. Financing State and Local Government Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/alternative-to-economics-3rd-paul-krugman-robin-wells-1464128731-9781464128738/taxes-and-public- finance-7/taxation-in-the-united-states-52/financing-state-and-local-government-198- 12428?campaign_content=book_5770_section_52&campaign_term=Economics&utm_campaign=powerpoint&utm_medium=direct&utm_source=b oundless Pearl Hill State Park View on Boundless.com Taxes and Public Finance > Taxation in the United States

7. Free to share, print, make copies and changes. Get yours at www.boundless.com Appendix

8. Key terms balanced budget A (usually government) budget in which income and expenditure are equal over a set period of time. fiscal policy Government policy that attempts to influence the direction of the economy through changes in government spending or taxes. income tax A tax levied on earned and unearned income, net of allowed deductions. property tax An (usually) ad valorem tax charged on the basis of the fair market value of property. sales tax A local or state tax imposed as a percentage of the selling price of goods or services payable by the customer. The tax is not recognized as the seller's earnings; the seller only collects the tax and transmits the same to local or state authorities. Free to share, print, make copies and changes. Get yours at www.boundless.com Taxes and Public Finance

9. Taxation authority In the United States the Internal Revenue Service is the regulatory authority empowered by Congress to collect taxes. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia. CC BY-SA http://upload.wikimedia.org/wikipedia/commons/thumb/0/05/IRS_Sign.JPG/220px-IRS_Sign.JPG View on Boundless.comCC BY-SAhttp://upload.wikimedia.org/wikipedia/commons/thumb/0/05/IRS_Sign.JPG/220px-IRS_Sign.JPGView on Boundless.com Taxes and Public Finance

10. Pearl Hill State Park State parks like Pearl Hill, located in Townsend, Massachusetts, rely on tax revenue for support and maintenance. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia. CC BY-SA http://upload.wikimedia.org/wikipedia/commons/thumb/2/2b/Pearl_Hill_State_Park%252C_Townsend_MA.jpg/800px- Pearl_Hill_State_Park%252C_Townsend_MA.jpg View on Boundless.comCC BY-SAhttp://upload.wikimedia.org/wikipedia/commons/thumb/2/2b/Pearl_Hill_State_Park%252C_Townsend_MA.jpg/800px- Pearl_Hill_State_Park%252C_Townsend_MA.jpgView on Boundless.com Taxes and Public Finance

11. Free to share, print, make copies and changes. Get yours at www.boundless.com Taxes and Public Finance Taxation is the primary means of __________________ A) financing the government. B) redistributing income. C) stabilizing the economy. D) reducing income and wealth based inequalities.

12. Free to share, print, make copies and changes. Get yours at www.boundless.comwww.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/CC BY-SA 3.0http://www.boundless.com/ Taxes and Public Finance Taxation is the primary means of __________________ A) financing the government. B) redistributing income. C) stabilizing the economy. D) reducing income and wealth based inequalities.

13. Free to share, print, make copies and changes. Get yours at www.boundless.com Taxes and Public Finance What is an example of a tax that can be imposed by federal, state, and local authorities? A) Sales tax B) Property tax C) All of these answers D) Income tax

14. Free to share, print, make copies and changes. Get yours at www.boundless.comwww.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/CC BY-SA 3.0http://www.boundless.com/ Taxes and Public Finance What is an example of a tax that can be imposed by federal, state, and local authorities? A) Sales tax B) Property tax C) All of these answers D) Income tax

15. Attribution Wiktionary. "balanced budget." CC BY-SA 3.0 http://en.wiktionary.org/wiki/balanced+budgetCC BY-SA 3.0http://en.wiktionary.org/wiki/balanced+budget Wiktionary. "fiscal policy." CC BY-SA 3.0 http://en.wiktionary.org/wiki/fiscal+policyCC BY-SA 3.0http://en.wiktionary.org/wiki/fiscal+policy Wikipedia. "Tax." CC BY-SA 3.0 http://en.wikipedia.org/wiki/TaxCC BY-SA 3.0http://en.wikipedia.org/wiki/Tax Wikipedia. "Public finance." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Public_finance#Financing_of_government_expendituresCC BY-SA 3.0http://en.wikipedia.org/wiki/Public_finance#Financing_of_government_expenditures Wiktionary. "income tax." CC BY-SA 3.0 http://en.wiktionary.org/wiki/income+taxCC BY-SA 3.0http://en.wiktionary.org/wiki/income+tax Wiktionary. "property tax." CC BY-SA 3.0 http://en.wiktionary.org/wiki/property+taxCC BY-SA 3.0http://en.wiktionary.org/wiki/property+tax Wiktionary. "sales tax." CC BY-SA 3.0 http://en.wiktionary.org/wiki/sales+taxCC BY-SA 3.0http://en.wiktionary.org/wiki/sales+tax Wikipedia. "Taxation in the United States." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Taxation_in_the_United_States#State_administrationsCC BY-SA 3.0 http://en.wikipedia.org/wiki/Taxation_in_the_United_States#State_administrations Free to share, print, make copies and changes. Get yours at www.boundless.com Taxes and Public Finance