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TAXES AND YOU

TAXES AND YOU . The American Taxation System. “The Art of Taxation is to Pluck the Goose Without Making it Squawk” - Colbert 1778. Net and Gross Income. Taxes – Required payments of money to governments that are used to provide public goods and services. Net – Take home pay

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TAXES AND YOU

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  1. TAXES AND YOU The American Taxation System

  2. “The Art of Taxation is to Pluck the Goose Without Making it Squawk” - Colbert 1778

  3. Net and Gross Income • Taxes – Required payments of money to governments that are used to provide public goods and services. • Net – Take home pay • Gross – Base Pay

  4. Primary Tax Base • Consumption Taxes • Sales – Tax on any item sold. • Excise Tax – Taxes on the sale of specific products or transactions.

  5. Wealth Tax • Property • Most important source of income for local governments. • Reappraised every 6 years. • Updated every 3 years.

  6. Progressive and Regressive Taxes • Progressive – Taxes that take a larger % of income from higher-income groups than low-income groups. • Regressive – Taxes that take a larger % of income from lower-income groups than higher income groups.

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