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Taxation

Taxation. MK, Unit 22. Brainstorming: taxes. Work with a partner: Write down phrases, sentences or words that you think of in connection with taxation. Match up the terms:. A gain Income Inherit Wealth Haven Heaven. Harbour for ships to seek shelter in stormy weather money sy makes

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Taxation

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  1. Taxation MK, Unit 22

  2. Brainstorming: taxes • Work with a partner: Write down phrases, sentences or words that you think of in connection with taxation.

  3. Match up the terms: • A gain • Income • Inherit • Wealth • Haven • Heaven • Harbour for ships to seek shelter in stormy weather • money sy makes • fortune • paradise • to get from one’s ancestors • an increase in amount

  4. Who does the following? Government or citizens? levy (levies, levying, levied) a tax impose a tax be liable to pay a tax evade a tax collect a tax file a tax return avoid a tax raise revenue through taxation pay a tax on their income government government citizens citizens government citizens citizens government citizens

  5. Verbs and taxes • People ____ an income tax ___their wages. • Certain profits ___ liable ___a capital gains tax. • Customs duties are imposed ____ imports. • The government _____ a tax ___ inheritances. It is called an _____ tax. • Excise duties are levied ___ petrol, tobacco and alcohol. • I forgot to _____ my tax return! I’m afraid I’ll be fined by the Tax Office.

  6. Verbs and taxes • People pay an income tax on their wages. • Certain profits are liable to a capital gains tax. • Customs duties are imposed on imports. • The government imposed a tax on inheritances. It is called an inheritance tax. • Excise duties are levied on petrol, tobacco and alcohol. • I forgot to file my tax return! I’m afraid I’ll be fined by the Tax Office.

  7. Progressive, regressive, flat tax (1) • Regressive tax: A tax that takes a larger percentageof income from low-income people than from high-income people. It is generally a tax that is applied uniformly. This means that it hits lower-income individuals harder. • E.g., gas tax and cigarette tax.

  8. Progressive, regressive, flat tax (2) • Flat tax: A system that taxes everyone at the same rate, regardless of their income bracket. • Supporters of a flat tax argue that it gives people incentive to earn more, because they wouldn't be penalized by graduating to a higher tax bracket (as they would in a progressive-rate system).

  9. Answer the questions: • What is the difference between tax evasion and tax avoidance? • What is the difference between direct taxes and indirect taxes?

  10. Main types of taxes • DIRECT TAX • A tax placed directly on an individual or business. • INDIRECT TAX • A tax placed on a good or service. • Group the different types of taxes from the vocabulary exercise into these two groups.

  11. Direct taxes • Income tax • Capital gains tax • Inheritance tax • Wealth tax • National insurance Indirect taxes • Value-added tax (VAT) • Sales tax • Excise duty • Customs duty

  12. HW • Do the exercises on your handout (The Financial Page: Dodger Mania. The New Yorker, July 11 & 18, 2011)

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