Taxes

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Respond to the student, needs to be 200 words each. ECON CLASS 1. The Department of Treasury references three specific taxes that affect both consumers and producers and fund the public sector. The first is income tax, which is a tax based on the amount of income that an individual makes, as well as businesses, that are used to fund Federal programs such as unemployment and social security. Second is what is known as a consumption tax. This tax, used by State and Federal government, is for public items such as roads and mass transit systems and, in this example, are taken from gasoline taxes. Third is a property tax, that is paid monthly with a mortgage that assists in funding State public school systems and may include levies when the original property tax is not enough. The effect of higher taxes, specifically income tax, can cause the consumer hesitation to become a homeowner thereby lowering the amount of taxes that the Federal government (the producer) bring in to fund needed public programs. There are things that bring the consumer back into the fold of homeownership by creating incentives, such as deductions in yearly taxes for owning a home and paying interest on a mortgage just to name a few. Consumers also have the “need” (want) to know where their hard earned money is going and it is important for individuals know that “most of the Federal Government's revenue comes from personal income taxes. Other sources of revenue include social security and other insurance taxes and contributions, corporate income taxes, excise taxes” ("Economics of Taxation", 2016). 2. In the U.S., taxes make up the largest source of revenue for the Federal Government. The tax code is extremely complicated and navigating through it can be a challenge for individual taxpayers and businesses alike. Taxes are collected at both the Federal and State levels. At the Federal level you have four major key taxes that are collected. They are Individual Income tax, Social Security tax, Corporate Income tax, and Excise taxes. The United States has a progressive tax system in that the percentage of tax owed by the individual increases as they move up in the tax bracket. The more an individual earns, the more of a percentage that the government taxes. Social Security tax is collected in a manner that is regressive in that the closer the individual gets to reaching the required amount of taxed income, the less their percentage of taxed income becomes. Corporate Income tax differs from individual income tax in that it is often factored on the amount of revenue earned by the business minus the costs. Excise taxes (which are also assessed at the State level) is a tax placed on a specific good before it reaches the consumer. The State collects four major taxes to account for its revenue aside from those monies brought in through revenue from the Federal government and user charges. These taxes include Sales tax, Property tax, Personal Income tax, and Corporate Income tax. For ...

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Respond to student. This was there answer. I need you to respond to what they have wrote. Respond in 200 words. ECON CLASS-JEN 1. The main types of taxes used to fund the public sector include income taxes, payroll taxes, property taxes, sales taxes, and excise taxes. While other taxes exist, these five types of taxes are the most prominent and generate the majority of revenue used to fund the public sector. The Federal Government raises the majority of its revenue from the combination of income taxes, payroll taxes, and excise taxes. These taxes raised approximately 94.1% of federal tax revenue in 2013 (Miller, 2016, p. 134). Corporate income taxes generate additional cost to the producer which must be passed on to the consumer in order to generate profits. Individual income taxes reduce the amount of capital the consumer has to spend. Payroll taxes are shared equally by both the producer, in this case the employer, and the consumer; however, the real cost is passed on to the consumer in the form of reduced wages (Miller, 2016, p. 135). Finally, excise taxes are levied on the product and must be paid by the producer. Ultimately, the consumer is affected by the higher price and ends up paying a portion of this tax. State and Local Governments raise their tax revenue, which accounted for 47.4% of total revenue, from sales taxes, property taxes, and income taxes (Miller, 2016, p. 134). Sales taxes affect mainly the consumer. The additional cost is not passed on to the producer. Property taxes are assessed on the value of property owned. The consumer bears the burden of these taxes, and as a result, there are residual effects on producers due to a lower demand for high value items. The impact of income taxes is the same for the producer and consumer as discussed in the preceding paragraph. 2. The government finds numerous ways to fund governmental operations through taxing at a federal, state and local level. There are many types of taxes excised at each level of government. The most well- known tax is arguably the federal income tax, although most states also collect income tax. Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming do not collect state income tax (Kahn, 2015) In the United States the income tax is progressive, meaning that as the taxpayer earns more money the tax rate raises. In effect, those who make the least money pay the lowest taxes proportionally whereas those earning the most pay the largest amount proportionally. Regressive and proportional taxes are other types of income taxes. A regressive tax has those making the least money paying the highest proportionally and the highest earning paying the least. A proportional tax, also called a flat tax, has all taxpayers paying the same proportion of their income. The federal government also collects Social Security, or FICA tax, medicare tax, capital gains taxes, and corporate taxes. The tax burden of some of these are spilt between the employee ...

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