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SW+112slides_lecture+4 - Session 4 FINANCING THE WELFARE...

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Session 4. FINANCING THE WELFARE STATE--Outline Revenue Sources Taxation The Federal Income Tax Social Security Taxes Social Impacts
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Three Revenue Sources Private Giving Consumer Payments Taxes
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Perspectives on Taxation “Taxes are the price we pay for civilization.” Oliver Wendell Holmes, Jr. “God put Republicans on earth to cut taxes.” Marshall Wittman “Only the little people pay taxes.” Leona Helmsley
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Sources and Uses of Federal Revenue, 2011
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NOMINAL FEDERAL INCOME TAX BRACKETS, 2011, for Families Rate Annual Income 0% Less than $17,000 10% $17,000 - $35,000 15% $35,000 - $68,000 25% $68,000 - $137,000 28% $137,000 - $209,000 33% $209,000 - $374,000 35% More than $374,000
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“THERE ARE EFFECTIVELY TWO TAX SYSTEMS IN AMERICA: ONE FOR THE VERY RICH AND ONE FOR THE REST OF US. INCOME FROM STOCK DIVIDENDS AND CAPITAL GAINS, WHICH MAKE UP A DISPROPORTIONATE AMOUNT OF THE EARNINGS OF THE VERY RICH, IS TAXED AT 15 PERCENT. BUT THE BULK OF WHAT THE REST OF US EARN—WAGES AND INTEREST FROM SAVINGS ACCOUNTS—IS TAXED UP TO 35 PERCENT.” DOROTHY BROWN, THE NEW YORK TIMES , MARCH 9, 2009
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