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POLS 207 Test 3 - POLS 207 Test 3/Final Review Chapters 14...

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POLS 207 Test 3/Final Review: Chapters 14 and 15 Chapter 14: Focuses on Taxes Who is effected by - Progressive – Takes from Rich - Regressive Taxes-poor people pay the bulk Local Property Taxes- Major way in which county gov raises money - Assed Value- dollar value placed on a property for tax purposes - Market value- estimated value of a property if sold on the open market - MILLS- used to calculate a property owner’s tax bill - Property taxes= highest revenue source for LOCAL govts - Usually regressive - Property tax= foundation of local tax structure - Other taxes hard to enforce besides real estate tax Sales taxes - States raise money - Cigarettes, alcohol, gas Income taxes-Federal - progressive state income taxes- income tax rates increase with increase in income - “ability to pay” principal- wealthier people pay higher tax rate than poor people - SIXTEENTH amendment- created the progressive federal income tax based on ability to pay - “flat-rate” taxes- Income rate stays the same regardless of taxable income Payroll taxes-Federal - Policy views with taxes.. section in chapter 14 explaining tax revolt
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- Self interest- people who benefit from gov spending should appose tax limitation measures and vis versa. Surveys show only slightly
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