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Chapter 9 : Sources of Government Revenue

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Jessica Gutierrez

on 25 May 2014

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Transcript of Chapter 9 : Sources of Government Revenue

Explain
The economic impact of taxes
Spending matters lot more than taxes because when the government borrows they can cut taxes (or not increase them) they are borrowing savings that might otherwise be used for investment.
List three criteria for effective taxes
The two primary principles of taxation
Taxation concept that those who benefit more from government expenditure should pay more taxes to support such expenditure.

How taxes are classified.
Types of tax imposed at each level of government vary,

Income taxes are imposed at the federal and most state levels.

Taxes on property are typically imposed only at the local level, though there may be multiple local jurisdictions that tax the same property.

Excise taxes are imposed by the federal and some state governments.


Benefit Principle
Ability-to-pay principle
Economics concept that those who have more resources (wealth), or earn higher incomes, should pay more taxes.

Explain the progressive nature of the individual income tax
Describe the importance of corporate tax structure
Major sources of Federal Revenue.
Explain how state governments collect taxes and other revenues.
Differentiate between state and local revenue systems.
Interpret paycheck deductions.
Describe the major tax reforms since 1980.
The Advantages and Disadvantages of the Value-Added Taxes
Value added tax is a tax levied on the difference between a commodity's price before taxes and its cost of production. Its advantages include, relative stability, audit control, disciplined trade it facilitates entrance to the regional protocols and treaties to mention but a few. However it also has the following disadvantages, the burden of taxes on low income people is greater than on the other groups.

Alice Rivlin
Alice Rivlin is an economist and a former U.S. federal reserve and budget officer. She served as vice chair of the Federal Reserve , Director of the White House, Office of Management and Budget and Director of the Congressional Budget Office. She is a senior fellow at Brookings Institution and visiting professor at George University.She attended University High School in Bloomington before leaving to attend high school at The Madeira School. She went to study at Bryn Mawr college. Alice wanted to major in history but after teaching an economic course she changed her major. She earned her Bachelors of art in 1952. Later on she moved to Europe where she worked on the Marshall Plan.
The features of a flat tax.
Why future tax reforms will occur.
Chapter 9 : Sources of Government Revenue
Jessica Gutierrez & Edley Merida
Period 2

1. Equity
2. Simplicity
3. Efficiency
A progressive tax is a tax in which the tax rate increases as the taxable amount increases. Rich pay more than poor.
It imposes a higher percentage rate of taxation on people with higher incomes.
The state revenue would be what what the state makes in tourism, conventions, sports gatherings. The local revenue is what each city makes in local festivals, purchases and other local events.
Paycheck deductions are withheld by an employer from employee's earnings. It typically includes income tax, national insurance or social security contributions, and may also include group insurance or pension fund contributions, union or association dues, authorized wage assignments, etc.
During the Reagan administration the four major tax reform bills after 1980 include :
The Economic Recovery Tax Act of 1981.

The Tax Equity and Fiscal Responsibility Act of 1982.

The Highway Revenue Act of 1982.

The Tax Reform Act of 1986.
The features of a flat tax is higher taxes for the lower and middle class and lower taxes for the wealthy and big business. That is the ONLY mathematical outcome for a flat tax without a drop in revenue.
Income taxes, corporate taxes and
payroll taxes including Medicare, Social Security,Unemployment taxes
The way state governements collect taxes and other revenues is they colect taxes and revenues from the poor , middle and upper classes.
Corporate tax rates and laws vary greatly around the world, as different governments and countries view corporate taxation in different ways. For example, those in favor of lower corporate tax rates point to the possibility for greater economic production if companies are taxed less. While others see higher corporate tax rates as a way to subsidize government spending and programs for the nation's citizens.


Future tax refroms will occur because there will always be changes in the economy Tax reformers have different goals. Some seek to reduce the level of taxation of all people by the government. Some seek to make the tax system more progressive or less progressive. Others seek to simplify the tax system and make the system more understandable or more accountable.
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