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Chapter 16

Chapter 16. Government Spends, Collects, and Owes. Functions of Government. Provides for Public Good Nat’l Defense Parks and the Arts Combating Socially Undesirable Acts. Redistribution of Income Social Programs (Social Security, Medicare) Public Assistance (Welfare, Medicaid).

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Chapter 16

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  1. Chapter 16 Government Spends, Collects, and Owes

  2. Functions of Government • Provides for Public Good • Nat’l Defense • Parks and the Arts • Combating Socially Undesirable Acts • Redistribution of Income • Social Programs (Social Security, Medicare) • Public Assistance (Welfare, Medicaid) • Regulating Economic Activity • Labor/Mgmt. • Environmental 4) Ensuring Economic Stability

  3. Federal Government Spending

  4. The Budget Budget Surplus – Take in more $ than is needed. Budget Deficit – Spend more $ than you have. Deficit Financing - Borrowing $ to balance the budget National Debt – Accumulation of overspending

  5. Taxes Lifetime Earnings: 40 yrs @ $60,000/yr. = $2,400,000 @ 28% Income Tax = $672,000 or $16,800/yr. @ 40% All Taxes = $960,000 or $24,000/yr. • Principles of Taxation • Benefits Received – Those who use it should support it. • Ability to Pay – Pay according to your ability

  6. Forms of Taxation Proportional – Flat Tax Progressive- Tax payment increases more with increased earnings. Regressive – Tax % goes down as you make more

  7. Living in Allen, Texas Avg Home = $206,000 Taxing Base = 2,060 Rate/$100 Collin County .2450 $ 505 Allen City .5570 $ 1,147 Allen ISD 1.5500 $ 3,193 CCCCD .086984 $ 180 $ 5,025

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