Taxation

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This document summarizes key concepts related to fiscal policy and taxation. It discusses fiscal policy as the process by which governments generate and use revenue. It defines taxation as the power of the state to impose contributions on individuals and organizations to generate public funds. The primary purposes of taxation are to fund government operations and promote general welfare. Principles of taxation discussed include benefit received, ability to pay, and equal distribution. The document also classifies taxes and outlines entities typically exempted from taxation.

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FISCAL POLICY AND TAXATION Prepared by: Arnel O. Rivera MAT-SS

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To download this file, go to: http://www.slideshare.net/ArnelSSI Thank Y u!

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Week 5 Discussion Responses - Econ Discussion for Response 1 By: P,V Week 5 - Taxes Currently, our tax system is a progressive tax system. This means that the more money you make, the more money you pay. This way, those who do not struggle to put food on the table can afford to pay the government. In considering a better tax system, there should be five fundamental theories: fairness, adequacy, simplicity, transparency, and administrative ease. In fairness, everyone pays a fair share of taxes within horizontal equity meaning that everyone pays a similar proportion of tax. In adequacy, there should be an adequate amount of taxes to provide enough revenue to meet the needs of society. Simplicity meaning that having a simpler tax system will help taxpayers understand the tax system and, therefore, remain compliant. Having transparency and knowing who is being taxed and how much. Everyone is also aware of what the money is being used for. Finally, with administrative ease compares to simplicity where the tax system is not too complicated or expensive for both the taxpayer and collector (Oklahoma Policy Institute). Raising taxes has some pros and cons. Some pros include: ensuring that services to citizens are available and needs, such as road repair, are completed without needing bonds. Cons include having a less disposable income to citizens as well as lowering the consumer expenditure which hurts businesses and the overall economy. Another con is that raising the tax encourages excessive government spending. Some advantages of a progressive tax system include allowing those who are poorer to live more comfortably. It also helps the government establish higher tax brackets to generate revenue. Other advantages of a progressive tax system are that it can potentially produce more total income for the government and it improves the spending power of those who are of lower income. Disadvantages include having complex incentives and rules drive the cost of compliance way up (Murphey, 2017). Income tax refers to the amount one pays on total income from businesses to the federal and state governments. Sales tax refers to the percentage paid by consumers when purchasing certain items. One involves the business owner and the other involves the consumer. The estate, or death/inheritance tax also has pros and cons. Pros include the same amount of tax is charged to everyone, only approximately 0.2% of people are eligible for the death tax, almost no employers pay the estate tax upon transfer, and estates worth more than $5 million have an average of 55% of net worth that was never taxed. Cons include assets are taxed at the same rate of liquid assets. The tax affects lower income families than others. The estate tax is based on the current value of the property and government can tax up to 3 times on estate tax (Brandon Gaille, 2015). Taxes are necessary to pay the government in order for states to have the necessary things to keep.

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Taxation

1. FISCAL POLICY AND TAXATION Prepared by: Arnel O. Rivera MAT-SS

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Taxation

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