Economics Chp. 16 (2)

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Author:
hey_itsdarra
ID:
250752
Filename:
Economics Chp. 16 (2)
Updated:
2013-12-04 13:59:21
Tags:
OHS Economics
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2nd 9 weeks
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  1. Tax based on what you use, such as gasoline tax ( 214 cents), liquor tax cigarette (62 cents), tolls roads, airport tax, wheel tax ($52.50/ year) 
    (Taxation Principle)
    Benefits received principle
  2. Tax based on income- the more you make, the more you pay. Current income tax set up at 18% for incomes under $40,000 and 28% for able $40,000. Income can be "taxed deferred" to avoid paying higher rates of taxes 
    (Taxation Principle) 
    Ability to pay principle
  3. Set percent of income based on total income (more you make, more you pay) everyone pays the same percentage AKA flag taxes 
    (Types of Taxation)
    Proportional
  4. The more you make, the higher percentage you pay (current income tax) 
    (Types of Taxation)
    Progressive
  5. Tax percentage goes down as you increase income- greater burden on low income families that have to pay the same prices for good and services (food, gas, durable, goods)
    (Types of Taxation)
    Regressive

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