Lecture Ch 15,16

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

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

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