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Unit VIII Ch-12

Unit VIII Ch-12. Government Taxation. I. Taxation. Purpose Raise revenue to pay the cost of government Services Collection and Spending Budget President, OMB, & Congress, request from exec. Dept. Balance & surplus, deficit. Character of a Fair Tax.

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Unit VIII Ch-12

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  1. Unit VIIICh-12 Government Taxation

  2. I. Taxation • Purpose • Raise revenue to pay the cost of government • Services • Collection and Spending • Budget • President, OMB, & Congress, request from exec. Dept. • Balance & surplus, deficit

  3. Character of a Fair Tax • 1. Based on ability to pay • 2. Equal to everyone • 3. Easy to pay • 4.Collected at a convenient time

  4. Dept. of Treasury • Treasurer • IRS • Priority List what is important Exec. Dept. http://www.irs.gov/ http://www.nps.gov/phso/sources/govern.htm

  5. II. Incomes Sources for Governments • Federal Government • Personal Income Tax • Largest source • Exemption, deductions, taxable incomes • Voluntary Compliance • Corporation Income Tax • Second largest source • Profits

  6. Excise Tax • Luxury items (yachts, cars, etc.) • Tariffs • Imported goods • Estate, Gift, Inheritance • Bonds http://www.irs.gov/businesses/small/article/0,,id=99517,00.html http://www.usitc.gov/tata/hts/ http://www.publicdebt.treas.gov/sav/sav.htm

  7. State Government • Federal Government • Sales Tax • Personal income • Corporation Income Tax • License & Fees

  8. Local Government • Federal & State Government • Property Tax • License & permits • Fines • Services Provided • Federal Government • State Government Harry G. SmithTax Administrator/Collector

  9. III. Effects of Taxation & Gov’t Spending on Economy • Government Spending • Short term • Long term • Taxation • Short term • Long term http://www.whitehouse.gov/omb/budget/fy2005/

  10. Why the Cost of Gov’t has risen. • 5 Reasons • Larger population • Cost of items ha gone up • Size of Gov. has grown (more services) • Defense Spending • Nat’l Debt has risen

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