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Social Security Tax
1/2 on employer
1/2 on employee
35% of federal revenue
Corporate Income Tax
payroll tax
Sales Tax
added to goods when purchased
major source of revenue for states
Tax on the earnings of a corporation.
10% of federal revenue
The National Government does not have a sales tax
Property Taxes
Tax on the value of personal property.
House
Car
Cattle
Boat
Land
Excise Taxes
Four-Wheeler
Taxes paid on the purchase
of certain items.
Personal Income Taxes
Types of Income Taxes
Used by local governments
to fund public schools.
Tax on your income
Proportional Taxes:
the same rate no matter the income level
Federal
& State
Regressive Taxes:
the higher the income, the lower the tax rate.
Arkansas imposed an excise tax on tobacco products. The money raised will go to pay for anti-smoking campaigns and healthcare for those with cancer.
Progressive Tax:
as the income rises, the rate increases
April 15th
46% of Federal Revenue