ECON 205 Lecture (2.20.2008)

ECON 205 Lecture (2.20.2008) - 401K CalPERS Tax annuity –...

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ECON-205 Lecture (2-20-2008) Chapter 6 Page 136: Systems of Taxation Page 137: Proportional, Progressive, Regressive Page 138: Read it for own knowledge Three types of taxation - Progressive: incomes increases, you pay more - Proportional: rate of tax is fixed - Regressive: income increases, you pay less Why do we pay taxes? - The tax system is based on two principles: o The ability to pay o The benefits received Federal: State: Local: Why I pay taxes to the federal government, state government, local government (property tax)? Unemployment insurance, welfare, public education, legal system (courts), water, highway patrol, National Guard, 911, city park, sewer systems, garbage collection Social Security - Monthly payments - Medicare What is Social Security and how does it work?
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Unformatted text preview: 401K CalPERS Tax annuity – deferred payment 401K Read “Financing for Social Security” Read Page 147 UNEMPLOYMENT Why do we have unemployment? ECON-205 Lecture (2-20-2008) Full employment Unemployed Underemployment-Example: PhD in Chemistry working as a cashier at Ralph’s Less than full employment Recession-Mild recession: Unemployment between 6-8-9%-Severe recession: Unemployment 11-13% Depression (between 25-40% of labor force is unemployed)- Example: the Great Depression C + I + G Deficit: spending more than what you gain Labor force: about 146 million Unemployment?-Age (16-19 22%)-Black male (30%), white male (12.6%)-Black (14%), white (3.7%), Hispanic (6.7%)-Gender...
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