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Comprehensive Overview of Government Revenue and Tax Concepts

This chapter delves into different tax types like progressive, regressive, and proportional, payroll deductions, the Alternative Minimum Tax, Medicare Tax, FICA, Tax Relief Act, Social Security Tax, Entitlements, the Flat Tax, the 16th Amendment, and approaches to tax reforms. Essays include criteria for an effective tax system, analyzing tax tables, reasons politicians avoid campaigning on tax hikes, characteristics of a "good" tax, and explanations of regressive, progressive, and proportional taxes. Review questions are also included.

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Comprehensive Overview of Government Revenue and Tax Concepts

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  1. Chapter 9 Review Government Revenue

  2. Concepts • Different types of taxes • Progressive • Regressive • Proportional • Payroll/Paycheck Deductions

  3. Tax Categories Pg. 255

  4. Concepts • Alternative Minimum Tax • Define • What is its purpose? • Why is it needed? • Medicare Tax • Type of tax • What is its purpose? • Intergovernmental Revenue

  5. Concepts • FICA • Type of tax? • What are they used for? • Tax Relief Act (97) • Intentions/Goals • Did it succeed? What was the outcome?

  6. Concepts • Incident of tax • Calculating • Defining • Social Security Tax/Benefits • What is it for? • How is it collected? • Entitlements??

  7. Pg. 231

  8. Concepts • Flat Tax • Define • What is it purpose? • 16th Amendment – What did it do? • Discretionary v Mandatory • Differences

  9. Approaches to Reforms Pg. 255

  10. Essays Identify and explain three criteria for an effective tax system. Why are these criteria important? How do they help us create tax policy?

  11. Essays • You are given a tax table and you will have to identify and explain various parts of the table.

  12. Essays • Identify and explain why politicians rarely, if ever, campaign on raising taxes.

  13. Essays • Identify and explain the characteristics of a “good” tax.

  14. Essays • How do regressive, progressive and proportional taxes work? Which is fair? Why?

  15. Review Questions • Page 256 – 257 • 20, 27, 30, 39

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