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11 - Chapter 14 o Taxes Local State and Federal Level Most...

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4/6/11 Chapter 14 o Taxes Local, State, and Federal Level Most of their Money made through Taxes Local o Number 1 Source of Income (Property Taxes) 72% of its income off taxes o From the County County Tax Assessor Figures Property Worth State (37% of indivuals and 6% of corporations) o #1 Source of Income State Taxes Federal (43% of indv. 39% of Social Security or Payroll taxes, 11% of Corporate taxes) o Two Major Types Progressive Taxes People with the higher income are taxed more o Ex: Over 500,000/year gets 15% Under gets 10% Regressive Taxes People with less income are taxed more o Ex: tax necessities highly o Based on disposable income All disposable income goes to necessities o How People Try to Limit Taxes Tax Limitations on Personal Income Limit the percentage that government can tax on the individual Expenditure Limits Limit the percentage of income that government can tax o Government can not get more than 20% of their money from taxes
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