Microeconomics Chapter 12 Class Notes

Microeconomics Chapter 12 Class Notes - Microeconmics...

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Microeconmics - Chapter 12: Tax Collection As the Nation gets more the government takes larger shares of Income Taxes. U.S Government Collects 2/3 rd of the taxes in our economy. To take the average of the total tax divide the number of tax by the population. For finding how much on average each individual paid the government. Individual Income Tax is the large share of Government Tax. April 15, every family files a tax form to show how much tax it owes to the government. Each family is required to report its income from all sources: wages from working, interest on savings, dividends from corporations in which it owns shares, profits from any small businesses it operates, and so on. The family's tax liability (how much it owes) is then based on its total income. Total Income-amount based on the number of dependents (Wives, Children etc)-Certain Expenses(policy makers think are deductibles - i.e. Mortgage interest payments, state and local tax payments and charitable giving). Than tax liability is calculated from using a schedule.
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This note was uploaded on 04/17/2011 for the course ECON 2304 taught by Professor Majumder during the Spring '07 term at University of Houston.

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Microeconomics Chapter 12 Class Notes - Microeconmics...

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