62 taxation

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62 taxation

  1. 1. Week of April 11, 2011 AGENDA<br />Today’s Do Now<br />Personal Finance Unit 1 Quiz<br />Reganomics/Keynesian Economics Visual<br />Notes: Taxation<br />Remember:<br /><ul><li>Personal Finance Unit 2 Quiz on Fri April 15
  2. 2. TA6 Quiz on Mon, April 18
  3. 3. Unit 6 Test on Tues, April 19</li></ul>21 days of Instruction left!!!<br />13 days until EOCT!!!!<br />
  4. 4. TAXATION<br />
  5. 5. Georgia Performance Standards<br />SSEMA3 (Social Studies Economics Macro #3)<br />The student will explain how the government uses fiscal policy to promote price stability, full employment, and economic growth.<br />Define fiscal policy.<br />b. Explain the government’s taxing and spending decisions.<br />
  6. 6. Characteristics of a “Good” Tax<br />Equity – <br />tax should be fair, impartial, and just <br />
  7. 7. Efficiency – <br />taxpayers nor collectors should spend too much time & money on paying/collecting taxes<br />
  8. 8. Certainty –<br />clear to the taxpayer when a tax is due, how much money is due, and how the tax should be paid<br />
  9. 9. Simplicity - <br />tax laws should be easy to understand<br />Example: <br />Personal Income Tax vs. Sales Tax<br />
  10. 10. Who Bears the Tax Burden?<br />Benefit Principle of Taxation – <br />those who benefit from government G/S should pay in proportion to the amount of benefits they receive<br />Example: <br />gasoline tax for <br />upkeep of roads<br />
  11. 11. Limitations:<br />those who receive greatest benefits from taxes are the least able to pay taxes for benefits received<br />Example: <br />welfare, subsidized housingbenefits are hard to measure<br />Example: <br />businesses for infrastructure improvements<br />
  12. 12. Ability-to-Pay Principle – <br />people should be taxed according to their ability to pay regardless of the benefits they receive<br />Example: personal income tax<br />
  13. 13. Factors:<br /><ul><li> recognizes that benefits derived from government spending cannot always be measured
  14. 14. assumes that people with higher incomes suffer less discomfort paying taxes than those with lower incomes</li>

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