Taxes

Published on June 2016 | Categories: Documents | Downloads: 48 | Comments: 0 | Views: 384
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³T axes are wh we p fo at ay r civilized so ciety´ Oliver Wen ell Ho d lmes Jr., 1904

Taxes Fund Public Goods and Services
Health Care for Elderly National Defense Social Services

State and Local Police Financial Aid

Public Education

Early Taxes
‡ Cooking Oil, Foreigners, Slaves (Ancient Egypt) ‡ Sales, Inheritance, Imports, Exports (Ancient Rome) ‡ Beards, Beehives, Boots, Souls (Russia, 1702) ‡ Bachelors (England, 1695; Missouri, 1820)

The Power to Collect Taxes
‡ American Revolution caused debt ‡ Tax was necessary to pay debt ‡ Article 1, Section 8 of the U.S. Constitution granted Congress power to tax

The Federal Government DollarWhere It Comes From
Social Security, Medicare, and Unemployment and other Retirement Taxes 36% Personal Income Taxes 43%

Excise, Customs, Estate, Gift, and Miscellaneous Taxes 7%

Borrowing to Cover Deficit 6%

Corporate Income Taxes 13%

The Federal Government DollarMedicare, and Where It Goes other Retirement
32% Homeland Security 1% DOD Military 19%

Social Security 21% Other 19% Net Interest on the Debt 7%

How Taxes Evolve
House Ways and Means Committee Full House Senate Finance Committee Full Senate Joint Conference Committee Senate/House Compromise bill President vetoes bill Veto override fails Veto override passes President signs bill Tax law enacted

Voluntary Compliance
Each person is responsible for filing a tax return.

Tax Avoidance versus Tax Evasion
‡ Tax Evasion: Failure to pay legally due taxes ‡ Tax Avoidance: Legal means of decreasing your tax bill

Taxpayer Rights
‡ Information on taxpayer returns is private ‡ Taxpayers have the right to appeal an IRS decision

³The income tax law is a lot of bunk. The government can¶t collect legal taxes from illegal money.´ Al Capone

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