{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Lecture Ch 15,16 - Wed Nov 29 2006 Taxes Progressive the...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Wed, Nov. 29, 2006 Taxes Progressive- the wealthier you are the more taxes you pay Recessive- Porportional – flat tax Benefit user tax – pay for what you buy, ex. Gas Regulatory – subsidies on cigarettes etc -We never liked taxes, we think we pay too much but in fact we don’t pay nearly as much as other western countries. -WE are the only country that doesn’t have a national health care system Medicare – for old ppl Medicaid – for poor ppl In Texas we pay about 5% in taxes, substantially less than most people Where the federal revenue comes from? About half of federal revenue comes from individual income taxes Individual income tax- 48.6 Payroll taxes – 33.2% (social security, medicare) Corporate – 9.8% Borrowing – 7% Excise taxes – 3.5% Others 4.8% People below 65 don’t have medicare Where it went? Social Security – 22% Medicare and Medicaid 17% (this is growing faster than social security now a days) National defense 15% Interest and debt 11% Others 35% Legal entitlement - Legally enforceable, gov’t agreed to pay, Ex. Social Security, Veteran Medicare, if gov’t refuses to give you your money, you can take them to court.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}