exam 4 lecture notes

exam 4 lecture notes - Government 2302 Instructor: Ballard...

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Government 2302 Instructor: Ballard Module 4 - Lecture 1: Taxes and Budgeting in Texas PartI.Taxes The major source of tax revenues in Texas is the state sales tax. Most purchases and fees for service in Texas are subject to the state sales tax. Food purchased in the grocery and prescription drugs are exempt from the sales tax. It is important to note that, because Texas depends so heavily on the state sales tax to finance state government, Texas taxes are considered to be regressive. Regressive taxes place a heavier burden on the poor than on the wealthy. Because the poor tend to spend a greater portion of their income on taxable goods, they tend to spend a larger proportion of their income on taxes. This is regressive. The percentage of income paid in sales taxes is higher (generally) for the poor. Other taxes in Texas include: Excise tax which is charged on a particular item or category of items, such as tires and airplane tickets. Franchise tax - this tax is levied on corporation and is a relatively low tax. Severance tax covers all natural resources as they are removed from the land. Miscellaneous taxes include a hotel tax, insurance taxes, and inheritance tax. Budgeting When you study Texas economics, be sure that you are familiar with the major sources of revenue (both tax and non-tax) and the major expenditures. Bonds, which are the state's way of borrowing money in the name of the citizens are also important. Finally, the concept of a state income tax is not new to Texas. We are one of only a handful of states that does not have a state tax on income. As you might imagine, this is a controversial issue in Texas. Read about this controversy and be familiar with the arguments for and against such as tax. Government 2302 Instructor-Ballard Module 4 - Lecture 2: Foreign Policy 1. Some Important Points about Foreign Policy Foreign policy issues are complicated. Foreign policy issues are seldom about right and wrong or good and evil. Final solutions are rare, most actions simply contain the conflict. 2. Goals of U.S. Foreign Policy
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This note was uploaded on 04/20/2011 for the course GOVT 2301 taught by Professor Staff during the Spring '08 term at HCCS.

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exam 4 lecture notes - Government 2302 Instructor: Ballard...

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