Summary Of The American Recovery And Reinvestment Act Of 2009Charles Knox
The American Recovery and Reinvestment Act of 2009 provided $787 billion in tax breaks, investments in healthcare and energy, funding for infrastructure projects, and expanded unemployment benefits. Specifically, it offered individual tax relief through credits and deductions such as the Making Work Pay tax credit, increased earned income tax credit, and expanded first-time homebuyer tax credit. It also provided assistance to the unemployed through an extension of unemployment benefits and COBRA health insurance. The legislation aimed to stimulate the economy through these various tax cuts and spending measures.
Beginning January 1, 2011, there will be significant tax increases affecting personal income taxes, health care taxes, small business taxes, and more. This combination of tax increases will result in the largest tax increase in US history. For individuals, income tax rates will rise substantially. The standard deduction and many tax credits will be reduced or eliminated. Health insurance provided by employers will become taxable income. Small businesses will see reductions in expensing and credits. The increases will reduce disposable income for most Americans and businesses, potentially limiting growth.
The document discusses the principle of ability to pay and progressive taxation in Nepal. It states that those with more wealth or higher incomes should pay more in taxes, as a means of income redistribution. It also explains that tax burden should relate to one's ability to pay taxes, not what they receive from the government. It then analyzes different ways to measure ability to pay, concluding that income is the best measure. The document finishes by defining progressive taxation as when tax rates increase as income increases, and provides Nepal's income tax rates as an example.
Cbizmhm special report_fiscal-year-2016-budget-proposalsCBIZ, Inc.
President Obama released his $3.99 trillion FY 2016 budget proposal calling for tax increases on higher-income individuals and businesses, expanded tax credits for families and education, and making some business tax breaks like research credit permanent. The budget also proposed international tax reforms including a one-time 14% tax on foreign earnings and a 19% minimum tax on foreign profits. Congressional Republicans and Democrats have indicated willingness to discuss tax reform but differ on key issues like rates and which deductions to eliminate.
The document provides an overview of taxes and government spending. It discusses how taxes fund government programs through revenue collection. It outlines the three main tax structures - proportional, progressive, and regressive taxes. It also examines the characteristics of a good tax, who bears the tax burden, and the types of federal, state, and local taxes. The document analyzes mandatory and discretionary federal spending, including major entitlement programs. It also explores state and local budgeting and the sources of revenue for state and municipal governments.
This presentation discusses how homeowners, businesses, and municipalities would benefit from a repeal of Indiana's proprty tax and presents a plan for accomplishing repeal.
Impact of collection of direct and indirect taxKallol Sarkar
The document contains information about Group 2 of a class which includes 10 students' roll numbers and names. It lists each student's roll number from 425 to 437 and their corresponding names. The group belongs to St. Xavier's College in Kolkata.
Summary Of The American Recovery And Reinvestment Act Of 2009Charles Knox
The American Recovery and Reinvestment Act of 2009 provided $787 billion in tax breaks, investments in healthcare and energy, funding for infrastructure projects, and expanded unemployment benefits. Specifically, it offered individual tax relief through credits and deductions such as the Making Work Pay tax credit, increased earned income tax credit, and expanded first-time homebuyer tax credit. It also provided assistance to the unemployed through an extension of unemployment benefits and COBRA health insurance. The legislation aimed to stimulate the economy through these various tax cuts and spending measures.
Beginning January 1, 2011, there will be significant tax increases affecting personal income taxes, health care taxes, small business taxes, and more. This combination of tax increases will result in the largest tax increase in US history. For individuals, income tax rates will rise substantially. The standard deduction and many tax credits will be reduced or eliminated. Health insurance provided by employers will become taxable income. Small businesses will see reductions in expensing and credits. The increases will reduce disposable income for most Americans and businesses, potentially limiting growth.
The document discusses the principle of ability to pay and progressive taxation in Nepal. It states that those with more wealth or higher incomes should pay more in taxes, as a means of income redistribution. It also explains that tax burden should relate to one's ability to pay taxes, not what they receive from the government. It then analyzes different ways to measure ability to pay, concluding that income is the best measure. The document finishes by defining progressive taxation as when tax rates increase as income increases, and provides Nepal's income tax rates as an example.
Cbizmhm special report_fiscal-year-2016-budget-proposalsCBIZ, Inc.
President Obama released his $3.99 trillion FY 2016 budget proposal calling for tax increases on higher-income individuals and businesses, expanded tax credits for families and education, and making some business tax breaks like research credit permanent. The budget also proposed international tax reforms including a one-time 14% tax on foreign earnings and a 19% minimum tax on foreign profits. Congressional Republicans and Democrats have indicated willingness to discuss tax reform but differ on key issues like rates and which deductions to eliminate.
The document provides an overview of taxes and government spending. It discusses how taxes fund government programs through revenue collection. It outlines the three main tax structures - proportional, progressive, and regressive taxes. It also examines the characteristics of a good tax, who bears the tax burden, and the types of federal, state, and local taxes. The document analyzes mandatory and discretionary federal spending, including major entitlement programs. It also explores state and local budgeting and the sources of revenue for state and municipal governments.
This presentation discusses how homeowners, businesses, and municipalities would benefit from a repeal of Indiana's proprty tax and presents a plan for accomplishing repeal.
Impact of collection of direct and indirect taxKallol Sarkar
The document contains information about Group 2 of a class which includes 10 students' roll numbers and names. It lists each student's roll number from 425 to 437 and their corresponding names. The group belongs to St. Xavier's College in Kolkata.
This document discusses fiscal policy and taxation systems in developing countries. It notes that fiscal policy uses government spending and revenue collection to influence the economy. The goals of fiscal policy include accelerating growth, maintaining price stability, reducing inequality, and generating jobs. It also discusses different types of taxes and revenues sources, as well as weaknesses of developing country tax systems like low collection rates, agricultural tax exemptions, and frequent changes. To improve, countries should lower high income tax rates, tax agriculture, promote a progressive system, and pursue stability and simplicity in tax rates and types.
Why are new federal revenues needed?
What taxes are being considered to fund health care reform (and other needs)?
What would be most fair?
What would make the most sense?
The document summarizes the state of Bermuda's economy, which has been in decline since 2008. The two main pillars of Bermuda's economy - international business and tourism - have been shrinking. As a result, employment and real estate sales are down, while government debt and health care costs are up. The aging population also threatens to increase costs and reduce the number of taxpayers. The document calls for examining policies from the 1950s-60s to determine if they still promote economic progress, and outlines several agenda items for 2012, including infrastructure projects, gambling, real estate rules, and privatizing government services to address Bermuda's economic challenges.
The document summarizes the uncertainty around extending various tax cuts enacted in 2001 and 2003 ("Bush-era tax cuts") that are set to expire after 2012. Key provisions that could change if not extended include higher individual income tax rates, reduced estate and gift tax exclusions, and reduced alternative minimum and child tax credits. Extending all the tax cuts would cost $2.84 trillion over 10 years. Failure to extend them could have negative economic impacts on taxpayers and businesses.
This document provides an overview of a lecture on taxes and fees. It discusses the aims of taxes and fees, including generating revenue, encouraging or discouraging behavior, and promoting equity. It defines different types of taxes such as direct vs indirect taxes, progressive vs regressive vs proportional systems, and excise taxes. It discusses key concepts like marginal tax rates versus effective tax rates and how deductions impact taxes paid. The document aims to clarify interpretations and misunderstandings around the complex tax system.
This document provides an overview of taxation in India. It defines taxation and its objectives, such as raising revenue. It describes different types of taxes like direct and indirect taxes. It outlines principles of a good tax system according to Adam Smith's canons of taxation. It also details India's individual income tax rates, exemptions, and deductions from taxable income. The document concludes that taxation helps increase economic activity and promote growth through mobilizing funds.
Individual income, payroll, and corporate income taxes cover about two-thirds of US government spending, with the remaining one-third financed by borrowing. In 2014, around 15% of government spending was expected to be financed through deficits. Tax expenditures, such as deductions, credits, and exclusions, have grown over time and now cost almost as much as total income tax revenue. Many tax expenditures function similarly to government spending programs.
The PPT is based on the US Fiscal Cliff deal, a the popular term to describe the expiry of tax breaks and introduction of spending cuts leading to conundrum that the US economy faced at the end of 2012
Testimony -taxreform--pres budget commission5Urban Institute
The document discusses reforming taxes as part of overall budget reform. It outlines that tax reform involves dealing with the entire revenue side of the budget, including various taxes and tax subsidies that make up a significant portion of federal spending. The document also discusses the relationship between taxes and the budget, noting that most spending and tax programs are designed in a way that ensures permanent built-in growth, contributing to long-term budget deficits. It advocates for a comprehensive approach to tax and budget reform.
Taxes allow governments to provide goods and services by generating revenue. The US Constitution grants Congress the power to collect taxes to fund the common defense and general welfare. Federal taxes must be uniform across states and exempt religious activities. Taxes include income, sales, property and corporate taxes. Governments use tax revenue along with borrowing to fund expenditures through annual budgets. Fiscal policy aims to influence economic growth through taxing and spending decisions.
Taxation, Direct and Indirect Tax Macro Economicsckeebakhattak
this presentation tell about what is tax and what is the difference between direct and indirect taxation and its advantages(Pros) and disadvantages(Cons).
Status of Estate and Gift Tax Law as of Jan 2010; planning opportunities in 2010; cautions and traps if retroactive estate tax passed in 2010; planning for 2011.
Fiscal policy involves generating government revenue through taxation to fund public services and promote citizen welfare. Taxation gives the state the power to collect a share of individual and business income for public purposes like funding government operations. The primary purpose of taxation is to generate funds for government expenses to benefit citizens. Key principles of taxation include benefit received, ability to pay, and equal distribution of tax burden based on income or wealth. Taxes can be direct or indirect, general or special, national or local. Certain nonprofit entities are typically exempted from paying taxes.
This document discusses public revenue sources for governments. It classifies revenue sources into tax revenue and non-tax revenue. Tax revenue includes direct taxes like income tax and indirect taxes like sales tax. Non-tax revenue comes from sources like profits from public sector undertakings. The document outlines various canons of taxation and analyzes the merits and demerits of direct and indirect taxes. It also provides data on tax collection in India from 1990-1991 to 2012-2013 and shows the increasing trend in tax revenue collection over time.
The document discusses various sources of public revenue for governments. It begins by explaining that governments require large amounts of resources to perform functions in political, social, and economic areas to maximize welfare.
It then discusses two senses of public revenue - the narrow sense including only income sources described as revenue resources, and the wider sense including all government income irrespective of source. Some key classifications of public revenue sources are also outlined, including taxes, fees, duties, gifts/grants, commercial revenues, and loans.
The main sources are divided into tax revenue, including direct and indirect taxes, and non-tax revenue such as administrative revenues consisting of fees, special assessments, fines, forfeitures, and escheats. Direct taxes
Macroeconomic; Government Expenditure (Comic)Adynn Khairil
The Federal government of Malaysia is projected to record a lower fiscal deficit of 4% of GDP in 2013. Total government revenue is expected to reach RM208.7 billion, with tax revenue at RM159.2 billion. Non-tax revenue is projected to be RM49.5 billion, a 9.6% reduction due to lower returns from investments, petroleum royalties, and the Malaysia-Thailand Joint Authority. Government expenditure consists of operating expenditure, which covers administrative costs, and development expenditure for infrastructure investment to boost economic growth.
George Osborne presented his third Budget on March 21st, 2012. Some of the key points included a further increase to the personal tax allowance, a 1% cut to the main corporation tax rate, and a reduction of the additional income tax rate from 50% to 45% beginning in 2013. The Budget also outlined plans to tax Child Benefit for households earning over £50,000 and proposals for tax simplification for small businesses.
In Issue 11 of The OHL Wire, we look at what will change on 1 July 2015 and how does divorce affect your tax and super fund. We also look at everything you need to know about taxation and deceased estates in Australia. We discuss the rules and requirements for buying property through a self-managed super fund (SMSF) in NSW. We check out upcoming events in Sydney and provide you a few ideas on how to spend your tax refund as the tax year is coming to an end.
Public revenue refers to the income received by the government from various sources and is divided into tax revenue and non-tax revenue. Tax revenue includes direct taxes like income tax and corporate tax, as well as indirect taxes like excise duty, customs duty, VAT, and sales tax. Non-tax revenue consists of administrative revenues from fees, fines, and penalties as well as commercial revenues from public enterprises and borrowings. Public revenue is an important concept in public finance and provides funds for the government to offer common benefits to citizens.
Options the missing link in India Commodity MarketPushpika Vyas
The document discusses the need for commodity options trading in India. It outlines how options can help farmers and small businesses hedge price risk given fluctuating commodity prices. Options are more flexible than futures and do not require margin calls. While some developing countries like Brazil and Argentina have implemented commodity options, India's regulations currently do not permit options trading. The document argues commodity options could help stabilize food prices, boost market participation, and allow banks to better hedge exposure and develop new hedging products for clients. It notes the Indian regulator signaled new derivative products would be introduced.
Money serves four main functions: 1) as a medium of exchange to facilitate the purchase and sale of goods and services, 2) as a standard of value and common unit of account to measure the relative values of items, 3) as a store of value to save wealth for future use, and 4) as a standard of future payment in long-term contracts by maintaining its value over time. The document outlines each of these four functions in more detail.
This document discusses fiscal policy and taxation systems in developing countries. It notes that fiscal policy uses government spending and revenue collection to influence the economy. The goals of fiscal policy include accelerating growth, maintaining price stability, reducing inequality, and generating jobs. It also discusses different types of taxes and revenues sources, as well as weaknesses of developing country tax systems like low collection rates, agricultural tax exemptions, and frequent changes. To improve, countries should lower high income tax rates, tax agriculture, promote a progressive system, and pursue stability and simplicity in tax rates and types.
Why are new federal revenues needed?
What taxes are being considered to fund health care reform (and other needs)?
What would be most fair?
What would make the most sense?
The document summarizes the state of Bermuda's economy, which has been in decline since 2008. The two main pillars of Bermuda's economy - international business and tourism - have been shrinking. As a result, employment and real estate sales are down, while government debt and health care costs are up. The aging population also threatens to increase costs and reduce the number of taxpayers. The document calls for examining policies from the 1950s-60s to determine if they still promote economic progress, and outlines several agenda items for 2012, including infrastructure projects, gambling, real estate rules, and privatizing government services to address Bermuda's economic challenges.
The document summarizes the uncertainty around extending various tax cuts enacted in 2001 and 2003 ("Bush-era tax cuts") that are set to expire after 2012. Key provisions that could change if not extended include higher individual income tax rates, reduced estate and gift tax exclusions, and reduced alternative minimum and child tax credits. Extending all the tax cuts would cost $2.84 trillion over 10 years. Failure to extend them could have negative economic impacts on taxpayers and businesses.
This document provides an overview of a lecture on taxes and fees. It discusses the aims of taxes and fees, including generating revenue, encouraging or discouraging behavior, and promoting equity. It defines different types of taxes such as direct vs indirect taxes, progressive vs regressive vs proportional systems, and excise taxes. It discusses key concepts like marginal tax rates versus effective tax rates and how deductions impact taxes paid. The document aims to clarify interpretations and misunderstandings around the complex tax system.
This document provides an overview of taxation in India. It defines taxation and its objectives, such as raising revenue. It describes different types of taxes like direct and indirect taxes. It outlines principles of a good tax system according to Adam Smith's canons of taxation. It also details India's individual income tax rates, exemptions, and deductions from taxable income. The document concludes that taxation helps increase economic activity and promote growth through mobilizing funds.
Individual income, payroll, and corporate income taxes cover about two-thirds of US government spending, with the remaining one-third financed by borrowing. In 2014, around 15% of government spending was expected to be financed through deficits. Tax expenditures, such as deductions, credits, and exclusions, have grown over time and now cost almost as much as total income tax revenue. Many tax expenditures function similarly to government spending programs.
The PPT is based on the US Fiscal Cliff deal, a the popular term to describe the expiry of tax breaks and introduction of spending cuts leading to conundrum that the US economy faced at the end of 2012
Testimony -taxreform--pres budget commission5Urban Institute
The document discusses reforming taxes as part of overall budget reform. It outlines that tax reform involves dealing with the entire revenue side of the budget, including various taxes and tax subsidies that make up a significant portion of federal spending. The document also discusses the relationship between taxes and the budget, noting that most spending and tax programs are designed in a way that ensures permanent built-in growth, contributing to long-term budget deficits. It advocates for a comprehensive approach to tax and budget reform.
Taxes allow governments to provide goods and services by generating revenue. The US Constitution grants Congress the power to collect taxes to fund the common defense and general welfare. Federal taxes must be uniform across states and exempt religious activities. Taxes include income, sales, property and corporate taxes. Governments use tax revenue along with borrowing to fund expenditures through annual budgets. Fiscal policy aims to influence economic growth through taxing and spending decisions.
Taxation, Direct and Indirect Tax Macro Economicsckeebakhattak
this presentation tell about what is tax and what is the difference between direct and indirect taxation and its advantages(Pros) and disadvantages(Cons).
Status of Estate and Gift Tax Law as of Jan 2010; planning opportunities in 2010; cautions and traps if retroactive estate tax passed in 2010; planning for 2011.
Fiscal policy involves generating government revenue through taxation to fund public services and promote citizen welfare. Taxation gives the state the power to collect a share of individual and business income for public purposes like funding government operations. The primary purpose of taxation is to generate funds for government expenses to benefit citizens. Key principles of taxation include benefit received, ability to pay, and equal distribution of tax burden based on income or wealth. Taxes can be direct or indirect, general or special, national or local. Certain nonprofit entities are typically exempted from paying taxes.
This document discusses public revenue sources for governments. It classifies revenue sources into tax revenue and non-tax revenue. Tax revenue includes direct taxes like income tax and indirect taxes like sales tax. Non-tax revenue comes from sources like profits from public sector undertakings. The document outlines various canons of taxation and analyzes the merits and demerits of direct and indirect taxes. It also provides data on tax collection in India from 1990-1991 to 2012-2013 and shows the increasing trend in tax revenue collection over time.
The document discusses various sources of public revenue for governments. It begins by explaining that governments require large amounts of resources to perform functions in political, social, and economic areas to maximize welfare.
It then discusses two senses of public revenue - the narrow sense including only income sources described as revenue resources, and the wider sense including all government income irrespective of source. Some key classifications of public revenue sources are also outlined, including taxes, fees, duties, gifts/grants, commercial revenues, and loans.
The main sources are divided into tax revenue, including direct and indirect taxes, and non-tax revenue such as administrative revenues consisting of fees, special assessments, fines, forfeitures, and escheats. Direct taxes
Macroeconomic; Government Expenditure (Comic)Adynn Khairil
The Federal government of Malaysia is projected to record a lower fiscal deficit of 4% of GDP in 2013. Total government revenue is expected to reach RM208.7 billion, with tax revenue at RM159.2 billion. Non-tax revenue is projected to be RM49.5 billion, a 9.6% reduction due to lower returns from investments, petroleum royalties, and the Malaysia-Thailand Joint Authority. Government expenditure consists of operating expenditure, which covers administrative costs, and development expenditure for infrastructure investment to boost economic growth.
George Osborne presented his third Budget on March 21st, 2012. Some of the key points included a further increase to the personal tax allowance, a 1% cut to the main corporation tax rate, and a reduction of the additional income tax rate from 50% to 45% beginning in 2013. The Budget also outlined plans to tax Child Benefit for households earning over £50,000 and proposals for tax simplification for small businesses.
In Issue 11 of The OHL Wire, we look at what will change on 1 July 2015 and how does divorce affect your tax and super fund. We also look at everything you need to know about taxation and deceased estates in Australia. We discuss the rules and requirements for buying property through a self-managed super fund (SMSF) in NSW. We check out upcoming events in Sydney and provide you a few ideas on how to spend your tax refund as the tax year is coming to an end.
Public revenue refers to the income received by the government from various sources and is divided into tax revenue and non-tax revenue. Tax revenue includes direct taxes like income tax and corporate tax, as well as indirect taxes like excise duty, customs duty, VAT, and sales tax. Non-tax revenue consists of administrative revenues from fees, fines, and penalties as well as commercial revenues from public enterprises and borrowings. Public revenue is an important concept in public finance and provides funds for the government to offer common benefits to citizens.
Options the missing link in India Commodity MarketPushpika Vyas
The document discusses the need for commodity options trading in India. It outlines how options can help farmers and small businesses hedge price risk given fluctuating commodity prices. Options are more flexible than futures and do not require margin calls. While some developing countries like Brazil and Argentina have implemented commodity options, India's regulations currently do not permit options trading. The document argues commodity options could help stabilize food prices, boost market participation, and allow banks to better hedge exposure and develop new hedging products for clients. It notes the Indian regulator signaled new derivative products would be introduced.
Money serves four main functions: 1) as a medium of exchange to facilitate the purchase and sale of goods and services, 2) as a standard of value and common unit of account to measure the relative values of items, 3) as a store of value to save wealth for future use, and 4) as a standard of future payment in long-term contracts by maintaining its value over time. The document outlines each of these four functions in more detail.
Money originated from the Latin word 'MONETO' and can be defined as any commodity that is generally accepted for exchange and as a measure of value. The primary functions of money are as a medium of exchange to purchase goods and services, and as a measure of value to compare the worth of different commodities. Secondary functions include acting as a standard for deferred payments, a store of value for present and future needs, and allowing the transfer of purchasing power across locations.
The document discusses the four main functions or jobs of money: medium of exchange, standard of value, store of value, and standard of deferred payment. It explains each function in detail. Money serves as a medium of exchange by facilitating transactions and reducing the inefficiencies of bartering. It acts as a standard of value by providing a common unit to measure and compare the relative worth of goods and services. However, money is only a short-term store of value and standard of deferred payment as inflation erodes its purchasing power over the long-run.
The document defines money and describes its key functions. Money serves as a medium of exchange, a measure of value, and a standard for deferred payment. It can also act as a store of value, though inflation can weaken this function. Money is further classified as commodity money, which derives value from the materials itself, and token money, which represents value but has no intrinsic worth. Examples of each type are provided.
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The document discusses financial markets and provides details about capital markets and money markets. It defines a financial market as any marketplace where buyers and sellers trade financial securities and commodities. Capital markets deal with longer term financial instruments like stocks and bonds, while money markets facilitate short term borrowing and lending with maturities of one year or less, including treasury bills, certificates of deposit, and commercial paper. Both markets play important roles in raising capital and facilitating transactions.
The document discusses the macro economic environment and financial markets in India. It describes the money market and its components like call money, treasury bills, commercial bills, and commercial paper. It also discusses the organized and unorganized segments of the money market. The capital market is described along with the gilt-edged market and corporate securities market. Reforms to strengthen the capital market are also summarized.
The document discusses different aspects of monetary systems including:
1) It defines money and lists its key properties and functions such as being a medium of exchange, store of value, and unit of account.
2) It outlines different types of money including commodity money, convertible paper money, inconvertible paper money, bank deposits, and electronic money.
3) It explores the demand for money and identifies three motives for holding money: transactions demand, precautionary demand, and speculative demand. Interest rates are a major factor in determining the amount of money people hold.
The document discusses the key aspects of direct taxes in India such as income tax, corporation tax, wealth tax, and capital gains tax. It provides definitions and explanations of direct taxes, income tax, and compares direct taxes with indirect taxes. Some of the key points made in the document include:
- Direct taxes are taxes that are directly paid to the government by the taxpayer. They include income tax, corporation tax, and wealth tax.
- Income tax is paid based on an individual's taxable income in a given financial year after deductions and exemptions. Corporation tax is paid by companies on worldwide income.
- Direct taxes cannot be shifted to another entity while indirect taxes can be shifted from one taxpayer to another.
The document discusses several key points about taxes:
1. Governments need tax revenue to fund services like defense, infrastructure, and education. Taxes are required even if unpopular.
2. The US Constitution gives Congress the power to tax and outlines some restrictions like uniformity and prohibiting taxes on exports or churches.
3. The 16th Amendment allowed the federal income tax, now providing nearly 50% of revenue. It addressed the government's growing needs and reduced reliance on other sources.
4. Taxes can be proportional, progressive, or regressive depending on how rates change with income level. Sales taxes are typically regressive.
Here is a summary of the sources and objectives of modern income tax statutes:
The primary sources of US tax law are Congress and the Treasury Department. Congress has the power to initiate tax legislation through the House of Representatives, but all tax bills must pass both the House and Senate and be signed by the President to become law. While Congress establishes the overarching tax policies, it often leaves details of legislation to the Treasury Department to adopt through regulations. The objectives of modern income tax statutes are to raise revenue for the government, promote social welfare programs, and influence the economy through incentives and penalties within the tax code. Tax laws aim to fairly and efficiently collect taxes from individuals and businesses based on their ability to pay.
The document discusses taxes and government spending at various levels of government. It explains that taxation is the primary way governments collect money to fund operations. The federal government's authority to tax comes from the Constitution and Congress has the power to levy taxes, subject to some limits. Federal taxes include individual and corporate income taxes, payroll taxes, excise taxes, estate and gift taxes. Federal spending goes towards entitlement programs like Social Security and Medicare, as well as discretionary spending on defense, education, and more. State and local governments also collect taxes and create operating and capital budgets to fund their operations.
Government revenue(Public Fiscal Administration)Suzana Vaidya
The document discusses government revenue and taxation. It defines government revenue as money received by a government from sources like taxes on income, wealth, goods, services, exports/imports, and non-tax sources like profits from state-owned corporations. Revenue is used to fund government services that benefit the public like infrastructure development. The main sources of government revenue are taxes, non-tax revenue, and capital receipts. Taxes are either direct taxes paid directly by individuals/corporations or indirect taxes paid to intermediaries and passed on to consumers. Non-tax revenue comes from sources like dividends, interest, fees, and grants. A good tax system aims to raise sufficient and equitable revenue while minimizing economic burden and incentivizing productivity
Fiscal policy uses government spending and taxation to influence the economy. It aims to stimulate growth through deficit budgets but may also have non-economic goals that conflict with this. Taxes are collected from individuals, businesses, and imports while government borrows internally from institutions like the central bank or externally from foreign entities. Fiscal policy can be expansionary through tax cuts and more spending or contractionary with tax increases and less spending to restrict aggregate demand in the economy.
- Tax is a fee charged by governments on products, income, or activities and is the main source of government revenue. There are direct taxes charged on individuals' income/wealth and indirect taxes charged on goods and services.
- The central and state governments have the power to levy and collect taxes. Taxes are levied to fund government expenses like defense, education, healthcare, and infrastructure.
- The Income Tax Act of 1961 and annual Finance Acts govern income tax in India. Income tax applies to individuals, HUFs, firms, companies and other entities based on their total income in the previous year.
Fiscal policy deals with the government's budgeting of revenues and expenditures. It aims to promote economic growth and development through public projects and welfare programs. Public finance concerns the income and spending of public authorities and aims to balance the two. Taxes are a compulsory contribution imposed on citizens in return for which no direct benefit is provided. The key canons of taxation are equity, certainty, convenience, and minimizing costs. Direct taxes are paid directly by taxpayers while indirect taxes may be passed on to consumers. Fiscal policy uses government spending and tax programs to influence aggregate output, employment and prices in the economy.
The document discusses the design of the U.S. tax system. It describes the various taxes that raise revenue for the federal and state/local governments. The federal government collects most of its revenue from individual income taxes and payroll taxes, while state and local governments collect most from sales taxes and property taxes. The two main objectives in designing a tax system are efficiency and equity. Efficiency refers to minimizing the costs imposed on taxpayers, while equity concerns fair distribution of the tax burden.
Group 6 presented information on direct taxes in India. The group members are Snehal Nemane, Sayli Mahalle, Shruti Adyalkar, and Vrushabh Agarwal. Direct taxes are taxes paid directly by individuals and organizations to the government. Major changes in direct taxes included no changes to income tax rates but a new 4% health and education cess. Corporate tax rates were reduced to 25% for companies with turnover less than Rs. 250 crore. Long-term capital gains on equity shares and funds will be taxed at 10%.
This document defines taxation and discusses concepts related to taxation. It defines taxation as the process by which a sovereign raises revenues through its laws to fund government expenses and promote citizen welfare. It discusses principles of taxation like benefit principle, ability-to-pay principle, and equal-distribution principle. It also outlines characteristics of a tax like being an enforced contribution levied by law for public purposes. The document emphasizes that a sound tax system needs fiscal adequacy, equality, administrative feasibility, and consistency with economic goals.
Government economic objective and policiesJohnAde1
This chapter will explain government economic objectives like low inflation and unemployment, the business cycle stages, and fiscal and monetary policies that governments use to influence the economy. It will discuss how tax and spending changes and interest rate adjustments impact businesses and how firms can react. The chapter defines key terms and describes the main economic objectives, problems high inflation and unemployment cause, how economic growth benefits a country, the typical business cycle stages, and issues with a trade deficit. It also outlines how income, profit, VAT, and tariff taxes affect consumer spending and business activity.
The difference between direct and indirect taxesAhmedTalaat127
The tax legislation in the UAE aims to achieve social justice and diversify sources of revenue, in order to achieve many development goals to redistribute them in the service of society.
There are various forms of taxes, including direct and indirect taxes, and this article will endeavor to explain the differences between them.
Who actually pays tax? A sketch in six slidesBetterTax
The document discusses who actually bears the burden of different types of taxes and how this can impact incentives in the economy. It summarizes that:
- Personal income tax is primarily paid directly by workers from their pay, which can reduce the incentive to work more due to losing a portion of additional income to tax.
- Payroll tax is levied on large employers but is often adjusted for by paying lower wages to workers.
- While company tax is levied on companies, research shows the tax burden is ultimately borne by workers through lower wages and less investment leading to lower production and output per worker.
This document provides an overview and outline of topics covered in Chapter 6 on funding the public sector, including:
1) Governments have three main sources of funding: taxes, fees, and borrowing. There is a limit to government spending based on tax revenues.
2) The chapter discusses different tax systems and the most important federal taxes like income tax, corporate tax, and payroll taxes. It also examines how tax rates impact tax revenues.
3) Setting tax rates involves considering both static analyses, which assume tax bases remain fixed, and dynamic analyses, which recognize higher rates may reduce tax bases and eventually tax revenues.
Tax Reduction Specialists is a network of professionals that assists taxpayers in legally reducing their taxes owed. They apply creative structures allowed under the Canadian Income Tax Act to recover taxes paid in previous years and reduce taxes owed going forward. Their solutions have provided clients tax refunds exceeding 150% of the cash invested. Common clients include business owners, doctors, lawyers, and executives. Case studies show solutions that transformed tax bills of $60,000 and $1.1 million incomes into $0 taxes owed, providing tax refunds and thousands in additional cash.
Govt Budget & the Economy class 12 .pptxSoumitMondal7
The document discusses key components of government budgets including revenue and capital budgets, receipts and expenditures. It defines various types of receipts like revenue and capital receipts, their sources and differences. It also defines various types of expenditures like revenue and capital expenditures, and their differences. Finally, it discusses budget deficit, its types, and how deficit is financed. It outlines objectives of government budgets like allocating resources, achieving economic stability, and reducing inequality.
Revision refers to the process of editing, correcting, altering, or adapting something that was previously created. Effective revision strategies include re-reading notes or materials, re-writing key points, organizing information, and practicing retrieving information from memory rather than just recognizing familiar concepts. Revision requires time, avoiding distractions, spacing out practice over time in order to strengthen memory and understanding of concepts through deliberate practice.
The document provides a detailed summary of the plot of Shakespeare's play Macbeth. It outlines the key events in each act, including Macbeth and Banquo meeting the witches, Macbeth killing King Duncan after being convinced by his wife Lady Macbeth, Macbeth becoming king and later having Banquo murdered due to another prophecy by the witches, and the final battle in which Macbeth is defeated and killed by Macduff. It also includes brief character descriptions and definitions of literary techniques and themes in the play, such as supernatural elements, ambition, and the conflict between good and evil.
In Act 1 of Macbeth, three witches prophesy that Macbeth will become Thane of Cawdor and king. Their prophecy comes true when Macbeth is named Thane of Cawdor for his victory in battle. Inspired by his wife Lady Macbeth, Macbeth murders King Duncan while he stays at their castle, fulfilling the second part of the prophecy. However, Macbeth begins to feel paranoid about losing his new position as threats to his rule emerge.
This document provides an overview and assessment information for the English Literature GCSE. It discusses two papers - Paper 1 which assesses Shakespeare and a 19th century novel, and Paper 2 which assesses a modern text, poetry, and unseen poetry. For each paper it provides details on what is assessed, how it is assessed (including timing and marks), and the types of questions students will face. It also outlines the assessment objectives and skills that will be evaluated. The last sections provide vocabulary terms and their definitions to aid students in understanding concepts in the modern text of An Inspector Calls.
The document discusses key quotes from an artificial intelligence called AIC. However, the document does not provide any actual quotes from AIC or further details about what AIC is. In just two words and without any other context or information, this document does not have enough substance to generate a meaningful summary.
The writer structures the text to create suspense and interest the reader. It begins by focusing on the narrator's murder, shocking the reader. As it develops, details of the murderer, Mr. Harvey, are revealed through the narrator's impressions of him. These impressions develop suspense around his character. The closing lines maintain suspense by not revealing full details of the murder. Overall, the writer uses their structural choices effectively to engage the reader and build suspense throughout the extract.
George Orwell structured 1984 to build suspense and concern around the theme of government overreach. The passage begins by shifting Winston's focus from the ordinary to strange. It then introduces Winston and the dreary setting of Victory Mansions through brief yet evocative descriptions. The perspective then expands to convey clues about the dystopian society and intimate view of Winston's flat, emphasizing the themes of grayness and misery. Through these shifting focuses and perspectives, Orwell engages the reader in exploring his fears of totalitarian rule.
The document provides information about English literature and language exams, including:
- There are 4 exams total across 2 papers
- Exams cover topics like Macbeth, Dr. Jekyll and Mr. Hyde, poetry, unseen poetry, and language analysis
- Each exam is between 1-2 hours and 15 minutes with varying maximum marks
- Questions follow different formats including short answers, longer essays, comparisons, and language analysis requiring evidence from passages.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against developing mental illness and improve symptoms for those who already suffer from conditions like anxiety and depression.
This document provides a step-by-step guide for a mock exam on poetry analysis. It instructs students to 1) identify the key idea in the question, 2) choose a comparative poem, 3) write an introduction comparing the two poems, 4) write paragraphs analyzing imagery/language and form/structure in each poem, and 5) write a conclusion comparing how duty is presented in the two poems and how attitudes have changed over time.
This document provides guidance and assessment objectives for students taking a literature exam consisting of multiple questions. It includes sample exam questions on Shakespeare, a 19th century novel, modern texts, poetry, and unseen poetry. For each question, it lists the assessment objectives, key content to discuss in responses, and level descriptors for marking. The document aims to help students understand what is required to answer questions successfully and achieve higher marks in the literature exam.
AQA- Power and Conflict Revision ResourceAmjad Ali
This document provides an overview and contents of a booklet designed to support the study of poetry for English lessons. It discusses how the booklet can be used as a homework resource, revision aid, or to catch up on missed topics. However, it notes that the booklet is not intended as a "quick fix" and emphasizes the importance of carefully reading the instructions and answering questions in full sentences. The document also provides teaching suggestions for incorporating the booklet into lessons, such as exploring poems in stages from initial understanding to reinforcement of themes. It highlights assessment objectives for poetry analysis and includes a glossary of literary devices.
This document provides an overview of the format and structure of a GCSE English Language Paper 1 exam. It includes:
- A reading section with 4 comprehension questions about a fiction passage, testing identification of explicit details, language analysis, structure analysis, and a critical response.
- A writing section with 2 potential essay prompts, testing content, organization, vocabulary, sentence structure, and technical accuracy.
- Guidance is given for each question, including timing, skills tested, and techniques for answering successfully like highlighting examples and commenting on language effects. Close attention to language features and how they impact the reader is emphasized.
This document discusses evangelism and sharing faith with others. It defines evangelism as referring to preaching one's faith to others and discusses whether people should share their faith. Some reasons provided include that it is part of some religious identities and duties, and it allows others to learn about different practices, though it could also lead to discrimination or trying to change others' beliefs in a multi-faith society. The document provides tasks for students to complete around this topic.
This document provides information about Christian pilgrimages and compares them to holidays. It includes definitions of "holiday" and "pilgrimage" and discusses why pilgrimages are important to some Christians. Students study various Christian pilgrimage sites and create posters about one site. They then practice answering an 8-mark question comparing pilgrimages to holidays and discussing religious views. The document emphasizes that pilgrimages can help with spiritual growth by traveling to holy sites important in the Christian faith.
The document discusses the Muslim pilgrimage known as Hajj. It provides instructions for students to learn about the different elements of Hajj, including creating a flow diagram illustrating the various stages. These stages include dressing in ihram clothing, circling the Ka'bah building, traveling to Mount Arafat to stand in prayer, and throwing stones in Mina. The document suggests Hajj is meant to strengthen believers' faiths and encourage spiritual transformation through immersion in religious atmospheres and rituals.
This document provides information about mosques and how Muslims prepare their place of worship for prayer. It includes:
- Learning objectives about describing what a mosque looks like, explaining why there are no images in mosques, and comparing how Christianity and Islam prepare for prayer.
- Details about the parts of a mosque like the dome, minaret, prayer hall, and mihrab, as well as activities like watching a video, discussing mosque features, and adding information to a mosque floorplan.
- Information on Muslims joining together for Friday prayers at the mosque to strengthen their sense of community and faith by listening to religious lessons.
The dome atop the prayer hall symbolizes heaven and provides practical benefits like carrying the imam's voice and keeping the hall cool. The minaret allows the call to prayer to be heard from afar and helps people locate the mosque. The prayer hall contains no chairs as worshippers kneel and prostrate on carpets, with men and women separated. The mihrab indicates the qibla direction of Makkah. Prayer mats contain symbols like the mihrab arch to guide correct worship orientation. Calligraphy from the Qur'an decorates walls in place of images.
This document provides information about symbolism in different types of Christian churches. It includes tasks for students to learn about and compare the Baptist, Catholic, Church of England, Greek Orthodox, Free Church, and Quaker denominations. Students are asked to create posters and drawings showing the symbols and important parts of each church. They also complete a cloze activity about worship in churches and design a new multi-denominational church explaining their choices.
This document discusses several topics related to religious beliefs and human experiences:
- Topic 1 examines relationships, issues of love, marriage, divorce and same-sex relationships. It explores religious teachings around sex, commitment, and the purpose and importance of marriage.
- Topic 2 focuses on issues of justice and equality. It looks at religious responses to inequality, prejudice, wealth, social responsibility and how religions promote justice and fair treatment of all people.
- Topic 3 is about finding meaning and addresses questions of God's existence, religious symbols, experiences of God, beliefs about death and the afterlife, and the value of religion in society.
Philippine Edukasyong Pantahanan at Pangkabuhayan (EPP) CurriculumMJDuyan
(𝐓𝐋𝐄 𝟏𝟎𝟎) (𝐋𝐞𝐬𝐬𝐨𝐧 𝟏)-𝐏𝐫𝐞𝐥𝐢𝐦𝐬
𝐃𝐢𝐬𝐜𝐮𝐬𝐬 𝐭𝐡𝐞 𝐄𝐏𝐏 𝐂𝐮𝐫𝐫𝐢𝐜𝐮𝐥𝐮𝐦 𝐢𝐧 𝐭𝐡𝐞 𝐏𝐡𝐢𝐥𝐢𝐩𝐩𝐢𝐧𝐞𝐬:
- Understand the goals and objectives of the Edukasyong Pantahanan at Pangkabuhayan (EPP) curriculum, recognizing its importance in fostering practical life skills and values among students. Students will also be able to identify the key components and subjects covered, such as agriculture, home economics, industrial arts, and information and communication technology.
𝐄𝐱𝐩𝐥𝐚𝐢𝐧 𝐭𝐡𝐞 𝐍𝐚𝐭𝐮𝐫𝐞 𝐚𝐧𝐝 𝐒𝐜𝐨𝐩𝐞 𝐨𝐟 𝐚𝐧 𝐄𝐧𝐭𝐫𝐞𝐩𝐫𝐞𝐧𝐞𝐮𝐫:
-Define entrepreneurship, distinguishing it from general business activities by emphasizing its focus on innovation, risk-taking, and value creation. Students will describe the characteristics and traits of successful entrepreneurs, including their roles and responsibilities, and discuss the broader economic and social impacts of entrepreneurial activities on both local and global scales.
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Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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Traditional Musical Instruments of Arunachal Pradesh and Uttar Pradesh - RAYH...
Government and Economy
1. Title :Managing the Economy.
Aim: To learn how Government manages the Economy.
Osborne set to raise tax threshold
(UKPA) – 6 hours ago
Chancellor George Osborne is expected to take
hundreds of thousands more low earners out
of income tax by raising the threshold to
around £8,000 in his Budget on Wednesday.
Expectations of another increase in the
threshold - raised from £6,475 to £7,475 last
year - were heightened by Treasury Chief
Secretary Danny Alexander, who said the
Budget would set out "further real progress" Chancellor Osborne
towards the ultimate goal of taking anyone ( a government minister
earning less than £10,000 out of income tax. chosen by the Prime minister)
2. Government and the
Economy
• Keywords
• Government Economy Chancellor Prime Minister
• Tax Threshold Budget Pension
• Coalition Conservative Liberal Democrats Taxes
• Key People
• David Cameron
• George Osborne
• Nick Clegg
• Taxpayer
3. What is a Government
• The word Government has the key term Govern within
it.
• A Government has to be ruled by a majority
• Remember to Govern is to see over and to look after a
certain person or group.
• Therefore a Government is the name given to the
organisation of a country’s elected party.
• Due to our election we currently have a Coalition
Government.
• A coalition is the term given to a Government that has
been given due to election results to form an overall
majority.
4. Chancellor – George Osborne
• The current Chancellor is George Osborne
• He is chosen by the Prime Minister
• A chancellors role is to be responsible for
the income the country and its people.
• He sets a budget from which the country
will run its services.
Economy:
• He is in charge of the economy and how the The term is
country spends and collects its money. used to
• The money that is collected by Government describe the
is done through Tax. money cycle
• The two types of Tax are Direct and in which the
Indirect Taxes Government
runs the
country.
5. Direct Tax
• Direct taxes are Taxes (money) paid by taxpayers
through income or capital .
• Examples of Direct Taxes are Income Tax.
• Income Tax is taken directly by the Government
through wage distribution. The amount taken can be
found on a wage slip.
• Income Tax differs according to how much a person
earns.
• Other examples of Direct Tax include:
• Inheritance Tax (e.g. Money inherited from family)
• National Insurance (e.g. To contribute towards
pension)
6. Examples of Direct Tax
On this payslip
the Income Tax
taken from the
person is seen
as ‘PAYE TAX’
This payslip shows the
National insurance
contributions
7. Indirect Tax
• Indirect Tax is the term given to the money collected by
the Government on items or services we buy.
• The Government takes Indirect Tax through V.A.T. that
is applied on products or services that we buy
• V.A.T. stands for Value Added Tax.
• Examples of Indirect Tax is the VAT added to Gas,
Electricity or Fast Food that we buy.
• Other examples of Indirect Tax can also include Council
Tax
• (If you are over 18 and live in a property as your main
home, you will have to pay council tax for that property)
Like many taxes this is only paid according to how much
your property is worth).
• Some people don’t have to pay Council tax including
Students, Disabled people
10. Why Pay Tax?
• Originally used back in 1799 for Britain to fund
themselves for a war against France
• Today it is used for various reasons by the
Government
• The Government focus on Health, Defence, Education
etc.
• Taxes make up for 90% of the Government Revenue.
• It is also used to manage the Economy
• In 2008 the chancellor cut the rate of VAT from
17.5% down to 15% to try and help the economy
11. Duty
• There are certain items of extra Tax placed on
certain items because the Government wants less
people to use them.
• Examples of items that have Excise duty include:
Fuel, Tobacco and Alcohol.
• Do you think its fair for the Government to use
Excise Duty to control peoples behaviour?
12. How can Tax help poorer people?
Osborne set to raise tax threshold (rate)
Chancellor George Osborne is expected to take hundreds of
thousands more low earners out of income tax by raising
the threshold to around £8,000 in his Budget on
Wednesday.
Expectations of another increase in the threshold - raised
from £6,475 to £7,475 last year - were heightened by
Treasury Chief Secretary Danny Alexander, who said the
Budget would set out "further real progress" towards the
ultimate goal of taking anyone earning less than £10,000
out of income tax.
13. Key Words:
Chancellor = Government minister in charge of managing
the economy.
Direct Tax= Taxes in income , savings or for businesses profits.
Indirect Tax= Taxes on spending.
Income tax= Direct tax of income.
V.A.T= Value Added Tax is an indirect tax on products and services.
Duty = Indirect Tax added to goods such as fuel, tobacco and alcohol.
Pension= Money paid to people after they retire.
Interest Rate= a % of money that is added to loans or savings over time.
14. Today Chancellor Osborne has a problem.
He needs to pay back national debt because
if we don’t the repayments could become
too much. If he increases tax to pay the
debt he risks damaging businesses growth
and this will affect jobs and the economy.
If he damages business he will not He could try to get money to pay the
get as much tax back and have less
money to pay the banks. debt by cutting spending on public
services, such as Education. If he does
this he risks damaging education and
upsetting voters. What should he do ?
15. Tax V.A.T cut Tax V.A.T rise Banks
people have more people spend less. Government borrows
Money to spend. Business makes money and lowers
business makes more less money. Business tax. Business
money. Pay less tax and make
more money.
Banks Banks
Pensions: Government makes
Government pays Extra £60 per year
Sure banks have more
back loans and raises For all pensioners
Food and energy sales Money to lend
business tax. Business
Go up. Business makes Business activity
pay more tax and more money. increases.
make less money.
Interest Rates Interest Rates Interest Rates
Increased by 1% Increased by 1% Decreased by 1%
loans are more loans are more Borrowing increases
expensive. Sales expensive. Home Borrowers have more
of houses and owners stop spending Money. Spending
cars fall. business makes less increases. Business
money. makes more money.
16. Direct Tax : Income Direct Tax : Income Indirect Tax : Increase
tax raised. People tax falls. People in fuel duty. This
Have less money. Have more money. increases public and
Business profits fall. Business profits business costs. Business
rise. is harmed.
Indirect Tax : Decrease
in fuel duty. This
increases public and
business costs.
Business is harmed.
17. Title :Managing the Economy.
Aim: To learn how Government manages the Economy.
The government needs to get money from
people so that it can pay for public services
such as the army and hospitals.
There are two main types of tax.
1) Direct Tax = money taken out of
wages before the employee gets
their money.
2) Indirect tax= Tax that people have Chancellor Osborne
to pay if they buy or do certain ( a government minister
things. chosen by the Prime minister)