Taxes and budgets_student - Tax&BudgetPolicy...

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Matisoff – POL 1101
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Types of Taxes Income Tax Property Tax Excise Tax Corporate Income Tax Capital Gains Tax (gains on business investments, stocks, mutual funds, etc) Inheritance / Gift Tax Tariffs Fines
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Federal Govt Revenue / Income Tax Federal Income Taxes Capital Gains Current brackets: (Marginal Rates) 10%, 15%, 25%, 28%, 33%, and 35% Capital Gains Pre-2001: 15%, 28%, 31%, 36%, and 39.6% Obama Proposal:
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German Federal Income Tax
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History of tax rates Top tax rates have been high historically 1913 ratified 16th amendment WWI – as high as 75% Dropped into the 20s during the 20s 1930s – as high as 80% WWII – as high as 95% Korean War – 90% 1960s – 90% Vietnam war – 70% Reagan – 50% - lowered to 30%
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State Govt Revenue
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Subsidies = Tax expenditures Why do might we want these? Tax Deductions Charitable Donations Business Expenses Mortgage Interest Student Loan Interest State Sales Tax Moving Expenses
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Effective Tax Rate Example: You are single, make $105,800; this puts you in 28% tax bracket (after $5,800 standard deduction), so: First $8,375, - 10% 8,375 – 34,000 - 15% 340,000 – 82,400 – 25%
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This note was uploaded on 11/29/2011 for the course MATHEMATIC Math 101 taught by Professor Davis during the Spring '10 term at Central GA Tech.

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Taxes and budgets_student - Tax&BudgetPolicy...

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