Types of Taxes
This type of tax comes from wages of workers
What is income tax?
National parks, education, sidewalks, Post Office
What are public goods?
Provides health insurance to the elderly and disabled
What is Medicare?
Another name for burden of taxation
What is incidence of tax?
As income increases, the tax rate will also increase
What is progressive tax?
Medicare, Social Security, Unemployment, SNAP
What are social programs?
Provides free learning for those 5-18 years of age
What is public education?
Who is the customer?
What is proportional tax?
Encouraging people to do what the government wants
What is incentive?
Provides supplemental income for those who are retired
What is Social Security?
Elastic goods or services
Who is the producer?
This tax pays for Social Security and Medicare
What are FICA taxes?
Taxing foreign products
What is to protect domestic businesses?
This level of government provides funding for public safety (police officers)
What is local?
Direct taxes
Who is the person being taxed?
Tax on big business
What is corporate tax?
Belief that people who make more should pay more
What is ability to pay?
This provides safety from foreign threats
Property tax
Who are property owners?