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  • 1. Taxes
  • 2.
    • Benjamin Franklin once said those famous words
    • “ In this world, nothing is certain but
    • death and taxes.”
  • 3. The Power to Tax
    • One of the many powers given to the Congress. The power to tax fall under Article 1, Section 8, Clause 1 of the Constitution.
    • To lay and collect Taxes, Duties, Imposts, and Excises, to pay the Debts and provide for the common Defense and general Welfare of the United States
  • 4. Constitutional Limitations
    • The power to tax is not unlimited, as with all other powers of Congress it must be exercised in accordance to the Constitution and as a result fall into four categories of expressed limits
  • 5. Number 1
    • Congress is given the power to tax to pay the debts and provide for the common defense
  • 6. Number 2
    • Expressed limits, means that no tax or duty shall be laid on articles exported from any State.
    • In other words, tariffs can only be applied to imports
    • This idea falls under the Commerce Compromise of 1787
  • 7. Number 3
    • Direct Taxes equally apportioned and distributed among the state. But because of its unfair nature to larger and smaller states alike, as well as higher and lower incomes, Congress chooses not to impose direct tax, except for the annual income taxes
  • 8. Number 4
    • All duties, imposts and excises shall be uniform through the US. Which means all indirect taxes (at the Federal level) are set at the same rate.
  • 9. Vocabulary Words For Today
    • Progressive Tax Custom Duty
    • Tax Return Interest
    • Payroll Tax Deficit
    • Regressive Tax Surplus
    • Excise Tax Public Debt
    • Estate Tax Corporation Income Tax
    • Gift Tax Implied Limitations