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Taxes

Taxes. Economics. Ben Franklin said…. "The only things certain in life are death and taxes.“. To Review. Individuals and businesses pay taxes to the government. This money is used to help the govt. operate and provide services.

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Taxes

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  1. Taxes Economics

  2. Ben Franklin said… • "The only things certain in life are death and taxes.“

  3. To Review • Individuals and businesses pay taxes to the government. • This money is used to help the govt. operate and provide services. • Taxes are collected by all levels of government (Federal, State, Local). • Different types of taxes include: income, sales, property, excise, “sin,” estate, gift, and business taxes.

  4. Government can use taxes… • To discourage the purchase of a product by adding an additional tax to raise the price. • Lower income tax rates to encourage more spending and stimulate the economy.

  5. Where does my $$$ go?

  6. Federal Government Spending • 1. Social Security and Medicare • 2. Social Programs (Medicaid, food stamps, unemployment, social services) • 3. National Defense, Veterans and Foreign Affairs • 4. Physical, Human, and Community Development (agriculture, education, job training, science, infrastructure) • 5. Interest on National Debt • 6. Law Enforcement and General Government

  7. State and Local Government Spending • Building and maintaining roads • Police and Fire depts. • Criminal Justice system • Building/operating schools • State universities • Supporting medical facilities

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