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Laws, Regulations And
Taxes That Impact Consumers
DOLLARS AND SENSE
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CopyrightCopyright and Terms of Service
Copyright © Texas Education Agency, 2014. These materials are copyrighted © and trademarked ™ as the property of the Texas Education Agency
(TEA) and may not be reproduced without the express written permission of tea, except under the following conditions:
1) Texas public school districts, charter schools, and education service centers may reproduce and use copies of the materials and related
materials for the districts’ and schools’ educational use without obtaining permission from TEA.
2) Residents of the state of Texas may reproduce and use copies of the materials and related materials for individual personal use only, without
obtaining written permission of TEA.
3) Any portion reproduced must be reproduced in its entirety and remain unedited, unaltered and unchanged in any way.
4) No monetary charge can be made for the reproduced materials or any document containing them; however, a reasonable charge to cover only
the cost of reproduction and distribution may be charged.
Private entities or persons located in Texas that are not Texas public school districts, Texas education service centers, or Texas charter schools or
any entity, whether public or private, educational or non-educational, located outside the state of Texas must obtain written approval from tea
and will be required to enter into a license agreement that may involve the payment of a licensing fee or a royalty.
Contact TEA copyrights with any questions you may have.
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Define laws, regulations and taxes.
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Federal TaxesCorporate
Business Taxes
Excise Taxes
Import Taxes
Medicare
Personal Income
Social Security
Unemployment Insurance
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Gasoline Excise Tax
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Source: American Petroleum Institute
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State and Local Taxes
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State taxes include:
• Business licenses and permits
• Corporate• Estate and gift• Excise taxes• Motor vehicle licenses• Personal income• Personal property• Real property• Sales taxes• Unemployment
insurance
Local taxes include:
• Business licenses and permits
• Mobile home taxes• Motor vehicle
stickers• Personal licenses
(marriage)• Personal property• Real property• Sales taxes
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How Are Taxes Spent?
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How Taxes Are SpentFederal Level
• Agriculture and Medical Research
• Courts
• Educational Services
• Federal Government
• Federal Prisons
• Highways
• National Defense Program
• National Parks
• Public Health and Public Assistance Services
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How Taxes Are Spent
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How Taxes Are SpentState Level
• Courts
• Education
• Highways
• Hospitals
• Public Assistance
• Recreation and Parks
• Special Schools
• State Government
• State Prisons
• Welfare Service
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How Taxes Are SpentLocal Level
• Courts
• Libraries
• Local Government
• Parks and Swimming Pools
• Prisons
• Police and Fire Protection
• Schools and Community Colleges
• Streets and Sidewalks
• Water and Sewer Systems
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Additional Taxes
Accounts Receivable
Building Permits
Capital Gains
CDL Licenses
Dog Licenses
Fishing Licenses
Food Licenses
Marriage Licenses
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Types of Taxes
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• Progressive
• Proportional
• Regressive
• Direct
• Indirect
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What laws and regulations protect you as a consumer?
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Governmental Protection For The Consumer
• Consumer Credit Protection Act
• Equal Credit Opportunity Act
• Fair Credit Reporting Act
• Fair Debt Collection Practices Act
• The Truth In Lending Act
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Federal Agencies Serving Consumers
• Consumer and Governmental Affairs Bureau
• Consumer Financial Protection Bureau
• Consumer Product Safety Commission
• Environmental Protection Agency
• Federal Trade Commission
• Food and Drug Administration
• National Service Center for Environmental Publications
• Office of Consumer Affairs and Dispute Resolution
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Better Business Bureau (BBB)Better Business Bureaus offer a variety of consumer services, including consumer
education materials and business reports.
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Consumer Action Handbook
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Questions?
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References And Resources
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Images:Microsoft Clip Art: Used with permission from Microsoft.Textbook:Lowe, Ross. Consumer education and economics. 6th ed. Glencoe/McGraw Hill, 2006. Print.Websites:American Petroleum InstituteGasoline Excise Taxes in the United States.http://www.api.org/oil-and-natural-gas-overview/industry-economics/fuel-taxes/gasoline-taxBetter Business BureauDirectory of offices in Texas.http://www.usa.gov/directory/bbb/texas.shtmConsumer Financial Protection BureauInformation, laws and regulations pertaining to mortgages.http://www.consumerfinance.gov/Federal Reserve Consumer HelpHave a complaint about your bank?http://www.federalreserveconsumerhelp.gov/about/ConsumerHelponline.pdfHow Many Taxes Are There?A list of taxes most of us pay for in one way or another.http://www.weatherimagery.com/blog/how-many-taxes-are-there/Internal Revenue ServiceUnderstanding Taxes – Teacher Sitehttp://apps.irs.gov/app/understandingTaxes/teacher/index.jsp
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References And Resources
Social Security and Medicare ContributionsThe Federal Insurance Contributions Act (FICA) is your contribution to Social Security and Medicare. It is a percentage of your salary.http://www.moneychimp.com/features/fica.htmThe White HouseYour 2013 Federal Taxpayer Receipthttp://www.whitehouse.gov/2013-taxreceiptWhat is Taxed and Why?Direct and Indirect Taxeshttp://apps.irs.gov/app/understandingTaxes/student/whys_thm04_les04.jspUSA.GOVOrder a FREE copy of the Consumer Action Handbook to get the latest tips on credit, money, filing a complaint, and more!http://www.usa.gov/topics/consumer.shtmlYouTube™:Federal Trade CommissionAre you are behind on your bills? Have you been receiving calls from a debt collector? A debt collector is someone, other than the creditor, who regularly collects debts owed to someone else. http://youtu.be/dQzIc56gydM
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