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Unformatted text preview: 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- MIL LS- used to calculate a property owners 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- Self interest- people who benefit from gov spending should appose tax limitation measures and vis versa. Surveys show only slightly more support from high income owners...
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- Spring '08
- Business Law