Taxes, Taxes, And More Taxes

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1axesţ 1axesţ and More 1axes!
A famous quoLe saysţ º1here are Lwo cerLalnLles ln llfe Ŷ deaLh and Laxes!" 1haL may make you feel a llLLle depressed
buL Lhe facL of Lhe maLLer lsţ governmenL can do very llLLle wlLhouL Lax moneyŦ 1hls ls how lL pays for everyLhlng lL does!
1he asslgnmenL you have LonlghL ls Lo become vL8? famlllar Lhe followlng Laxes belowŦ 1he book wlll provlde some
lnformaLlon you needŦ CLherwlse l have provlded lnformaLlon for you as well Ŷ so you wlll come ln Lomorrow ready for
dlscusslon andŧoLher LhlngsŦ Chţ you wlll need Lo use Lhe lnLerneL a llLLle blL as wellŧŧ(Coogle)Ŧ
Pere are Lhe maln Laxes we pay ln Lhls counLry Anu whaL you have Lo know for Lomorrow!
AŦ 1AkLS CN INCCML (page 63 ln your economlcs book)
Who pays lncome Laxes? ______________________________________________________________Ŧ
1kUL or IALSL (clrcle lL) 1be mote mooey yoo mokeţ tbe mote yoo wlll poy lo locome toxes!
1hls Lax Lakes hlgher percenLage of earnlngs from people wlLh hlgher lncomes Ŵ ___________________________Ŧ
1hls Lax Lakes a hlgher percenLage of earnlngs from people wlLh lower lncomes Ŵ __________________________Ŧ
Clve an example of a regress|ve tax _________________________Ŧ
Whlch level of governmenL recelves MCS1 of lLs revenue from Lhe lncome Lax ____________________________Ŧ
Why are lncome Laxes known as DIkLC1 Laxes? _____________________________________________________Ŧ
8Ŧ 1AkLS CN CCNSUMÞ1ICN (Sales Laxţ Lxclse Laxesţ and Luxury Laxes) Ŷ (page 66 ln your econ book)
ConsumpLlon Laxes are known as INDIkLC1 Laxes Ŷ why?____________________________________________Ŧ
1kUL or IALSL (clrcle lL) oy tlme yoo potcbose sometbloq yoo ploo to coosomeţ yoo wlll poy o coosomptloo toxŦ
___________________________________________________________________________________________Ŧ
(Coogle lL) WhaL ls a LUkUk¥ Lax? _______________________________________________________________Ŧ
LkCISL Laxes are someLlmes placed on speclflc goods (glve Lwo examples ________________________________)
Mllwaukee CounLy has a Lax raLe of 3Ŧ6Ʒ on all goods purchased wlLhln lLs bordersŦ 1hls ls a regresslve Lax! Why?
___________________________________________________________________________________________
___________________________________________________________________________________________
Whlch level of governmenL recelves MCS1 of lLs revenue from consumpLlon Laxes?_______________________

CŦ 1AkLS CN ÞkCÞLk1¥ AND WLAL1n
1bese kloJs of toxes ote ploceJ oo ltems we OwN Ŷ our properLyţ our wealLhŦ LlsL some lLems below whlch you
Lhlnk could be Laxedť


Whlch level of governmenL recelves MCS1 of lLs revenue from properLy Laxes? __________________________Ŧ

DŦ 1AkIIIS (page 67)
WhaL are 1ar|ffs (pronounced ºLearlff")? _________________________________________________________Ŧ
(Coogle lL) Pow are Larlff Laxes passed on Lo consumers (you and me)?

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