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…Taxes

…Taxes. “The only things certain in life are death and taxes.”. - Benjamin Franklin. "The taxpayer -- that's someone who works for the federal government but doesn't have to take the civil service examination.". - Ronald Reagan.

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…Taxes

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  1. …Taxes

  2. “The only things certain in life are death and taxes.” - Benjamin Franklin

  3. "The taxpayer -- that's someone who works for the federal government but doesn't have to take the civil service examination." - Ronald Reagan

  4. In 2003, the United States government collected $3 trillion in taxes… That’s $10,300 per every man, woman, and child in the US at the time!

  5. What is that other part? • Taxes on imports • Taxes on gasoline • “Miscellaneous”

  6. Excise Tax Progressive Tax Income Tax Sales Tax Flat Tax Property Tax Marginal Tax Regressive Tax Capital Gains Tax Value Added Tax

  7. Types of Taxes • Proportional • This tax imposes the same percentage rate of taxation on everyone, regardless of income • If Shea makes $50,000, and the proportional income tax rate is 10%, Shea pays $5,000 in taxes • If Shea invests in his own human capital, and his income went up to $100,000, Shea pays $10,000 in taxes • In other words, as income goes up, percentage of income paid in taxes remains the same • City Occupational Tax

  8. Types of Taxes • Progressive • This tax imposes a higher percentage rate of taxation on persons with higher incomes • This is usually done with a marginal tax rate • What does this mean? • As the income goes up, the taxes paid goes up • Federal Income Tax

  9. Types of Taxes • Regressive • A tax that imposes a higher percentage rate of taxation on low incomes than on high incomes • If you make $10,000 and spend $5,000 on food and clothing while another makes $100,000 and spends $20,000 on the same stuff • If the state sales tax is 4 percent, the person with the lower income is paying a higher percentage of total income in taxes • In other words, as income goes up, the percent of income paid in taxes goes down

  10. Tax Brackets • 10% on taxable income from $0 to $8,925, plus • 15% on taxable income over $8,925 to $36,250, plus • 25% on taxable income over $36,250 to $87,850, plus • 28% on taxable income over $87,850 to $183,250, plus • 33% on taxable income over $183,250 to $398,350, plus • 35% on taxable income over $398,350 to $400,000, plus • 39.6% on taxable income over $400,000.

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