How The Government Pays Its Bills

745 views

Published on

Published in: Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
745
On SlideShare
0
From Embeds
0
Number of Embeds
25
Actions
Shares
0
Downloads
2
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

How The Government Pays Its Bills

  1. 1. How The Government Pays its Bills Objective: What: To cover the funding mechanism that allows the government to operate How: By guided note taking and PowerPoint presentation
  2. 2. TAXES !!!!! <ul><li>There are many kinds of taxes </li></ul><ul><li>Sales, Income, Property, Gasoline </li></ul><ul><li>Taxes are paid to three levels of government </li></ul><ul><li>Local, State, Federal (national) </li></ul>
  3. 3. Local Government Sales Tax <ul><li>When ever you buy something you pay a tax </li></ul><ul><li>The higher the price of the item the more tax you pay </li></ul><ul><li>You pay sales tax on meals, clothes, and services </li></ul>
  4. 4. Local Government Property Tax <ul><li>People who own property land or buildings must pay this tax </li></ul><ul><li>8 out of 10 dollars comes from property tax </li></ul><ul><li>Property Tax pays for local services like police, fire, and schools </li></ul>
  5. 5. State Government Sale Tax <ul><li>When you purchase an item the store will collect a tax from you </li></ul><ul><li>This sales tax is split with the local and state governments </li></ul>
  6. 6. State Government Income Tax <ul><li>Some states also collect an Income tax </li></ul><ul><li>This tax is based on the amount of money you earn in one year </li></ul><ul><li>In short- The more you make(income) the more they take(taxes)!!! </li></ul>
  7. 7. Federal Government <ul><li>Most of the money the federal government makes comes from just three taxes </li></ul><ul><li>Income tax on people, Income tax on businesses, and Social Security tax </li></ul><ul><li>The federal government uses this money much like the local and state governments </li></ul>
  8. 8. Federal Government Three Taxes <ul><li>8 out of 10 dollars at the federal level come from these three taxes </li></ul><ul><li>Personal Income, Business Income, and Social Security </li></ul>
  9. 9. Taxes in the U.S. <ul><li>Taxes take about 29 cents out of every dollar you make! </li></ul><ul><li>That means that roughly a 1/3 of your income goes to Uncle Sam </li></ul>
  10. 10. But wait!!! There’s more <ul><li>Be thankful you don’t live in Sweden where 51 cents per dollar earn goes to the government </li></ul>
  11. 11. How the Government Spends your Money <ul><li>The national government spends almost half 48% of your taxes on entitlement programs </li></ul><ul><li>Next runner up is the military at 18% </li></ul><ul><li>Finally 14% is spent on interest on the national debt </li></ul>
  12. 12. Government spending <ul><li>When the government spends more money then it takes in this is called </li></ul><ul><li>Deficit Spending </li></ul><ul><li>When we deficit spend the national debt grows!!! </li></ul>
  13. 13. Current National Debt

×