a. federal limitations 1. interstate & foreign commerce: denies states 2. states can’t tax fed...
TRANSCRIPT
A. Federal Limitations1. Interstate & Foreign Commerce: denies
states 2. States can’t tax fed govt3. 14th Amendment- limits the usage of
taxes by fed govt
A. Every person must contribute in respect to their abilities
A. Sales tax: most states get 1/3 revenue from this
1. Some are exempt: food, medicine, newspapers, etc.
2. Regressive tax: not levied according to someone’s ability to pay (can’t tax on internet)
B. Income tax- yields another 1/3 of state’s revenues1. progressive tax: more you make, more they take
C. Property tax- chief source of local gov’t income
1. On a real person
2. Personal property- cars, books, computers, etc.
D. Inheritance or Estate Tax – “death tax”1. Inheritance- tax levied on heir’s portion of estate2. estate- levied directly on full estate
1. Severance Taxes: levies on removal of natural resources (timber, oil, fish, minerals, etc.)
2. Licensing & operating3. Documentary & Stock transfer
fees- recording, registering, transferring of mortgages, etc.
Pay-roll taxes Amusement taxes Cars Hunting Etc.
State-run liquor businesses
Toll roads
State-run lotteries
Etc.
For major projects Issue bonds
State sets priorities Governor creates an executive
budget