what are taxes? why have taxes? funding government programs allow governments to provide services...

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What are Taxes? Why have Taxes? Funding Government Programs Taxes & the Constitution Tax Bases & Tax Structures Characteristics Of a Good Tax Who Bears The Tax Burden? Allow governments to provide services and operate This is the first power granted to Congress but has limits Tax Base: the income, property, good/service subject to a tax Structure: regressive progressive proportional -simplicity -efficiency -certainty -equity Supply and demand analysis shows that it is often the consumer who bears the burde

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Page 1: What are Taxes? Why have Taxes? Funding Government Programs Allow governments to provide services and operate Taxes & the Constitution This is the first

What are Taxes?Why have Taxes?

Funding Government

Programs

Taxes & theConstitution

Tax Bases &Tax Structures

CharacteristicsOf a

Good Tax

Who BearsThe TaxBurden?

Allow governments

to provide services and

operate

This is the firstpower granted to Congress

buthas limits

Tax Base: the income, property,

good/servicesubject to a tax

Structure: regressive

progressiveproportional

-simplicity-efficiency-certainty

-equity

Supply and demand analysis

shows that it is often the

consumer whobears the burden

Page 2: What are Taxes? Why have Taxes? Funding Government Programs Allow governments to provide services and operate Taxes & the Constitution This is the first

ImportTaxes

GiftTaxes

EstateTaxes

Excise Taxes

FICA

CorporateIncomeTaxes

IndividualIncomeTaxes

FederalTaxes

Page 3: What are Taxes? Why have Taxes? Funding Government Programs Allow governments to provide services and operate Taxes & the Constitution This is the first

Federal Spending

• Mandatory Spending• Discretionary

Spending

• $$ that must be spent like interest on the nat’l debt, and entitlement programs {Social Security, Medicare/Medicaid}

• Gov’t may choose like defense spending, education, research, technology, law enforcement

Page 4: What are Taxes? Why have Taxes? Funding Government Programs Allow governments to provide services and operate Taxes & the Constitution This is the first

State and Local Taxes and Spending

State BudgetsWhere Are

State TaxesSpent

State TaxRevenue

LocalGovernment

Spending andRevenue

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