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02.03 Sharing With Uncle Sam

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Sarah Kyser

on 1 July 2015

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Transcript of 02.03 Sharing With Uncle Sam

02.03 Sharing With Uncle Sam
Career Name:
Emergency Room Nurse
Yearly Income:
$65,000
Flat Tax
Some Americans are supporting switching to a flat income tax rate of 15%. How much would you pay under this plan?
($90,000) X 15% (or .15) = $13,500
Calculator Tip: To multiply by a percentage, you can use your calculator in two ways. You can use the percent symbol key or you can enter the percentage as a decimal. To change a percentage to a decimal, move the decimal point two digit places to the left. Example: 20% becomes 0.20
Regressive Tax Plan
Mark “X” next to the row that matches your yearly income.
Proposed Regressive Plan
Calculate your tax. For example, $10,000x40%=$4,000 in tax.
40% on income up to $25,000
30% on income between $25,000 and $34,000
25% on income between $34,000 and $44,000
20% on income between $44,000 and $80,000
10% on taxable income over $80,000
Total:
Progressive Tax Plan
Mark “X” next to the row that matches your yearly income.
Proposed Regressive Plan
Calculate your tax. For example, $10,000x10%=$1,000 in tax.
10% on income up to $25,000
20% on income between $25,000 and $34,000
25% on income between $34,000 and $44,000
30% on income between $44,000 and $80,000
40% on taxable income over $80,000
Is federal income tax a direct or indirect tax? Explain your response.

It an indirect tax because the money doesn’t go directly to the government. It comes from some other person or a group.


What are the main differences between the flat, regressive, and progressive tax plans?

The flat tax is the same for everybody, a regressive tax is the one that decreases with the more money you make, and progressive tax is when the tax increases axable amount increases.

Under which plan would you pay the most in taxes? Under which plan would you pay the least in taxes?

Progressive Tax System

Which tax system would benefit you the most? Explain your response and refer to your specific career.

The regressive tax system because my career as a Emergency Room Nurse requires a lot of work and dedication and I would like to keep as much money as possible.

Do you think the plan that benefits you most is the most fair for everyone? Explain your response.

I feel as if it is completely unfair to those in lower class. They are taking more money from the poor and it is going straight into the Upper Class pockets. I personally feel as if the Upper Class has enough money to rely on.

Imagine you marry and your spouse earns $50,000 per year. You will be filing your taxes together. Does this change your opinion of the proposed tax plans? Explain your response.

I will still be making enough money to suport my family and I'll be able to keep most of it. No it wouldn't change my opinion.



Total:
$10,000
$2,700
$2,500
$4,200

$2,000
$1,800
$2,500
$6,300

$12,600
$19,4000
x
x
x
x
x
x
x
x
Sarah Kyser
Full transcript