A benefit that falls on someone other than the producer or consumer. If a car company designs a new car that emits less pollution, the company may see an increase in sales.
What is Positive Externalities
100
A tax that decreases with income however, it could burden low income families because it is difficult for families to afford the tax. A sales tax is an example of this type of tax.
What is Regressive Tax
100
This type of tax is paid only on profit.
What is Corporate Income Tax
100
The current federal tax rate is set at what percentage.
What is 10%-35%
100
Positive externalities are also refferred to as this.
What is a benefit
200
A cost that falls on someone other than the producer or consumer. Suppose a tape factory produces an unpleasant odor that drifts into the nearby neighborhood because of the smell people cannot find buyers for their homes.
What is a Negative Externality
200
This type of tax takes a larger percentage of a higher income than of a lower income. In other words, the more one makes, the more one pays.
What is Progressive Tax
200
This type of tax is paid on an individual’s land and home.
What is Property Tax
200
Michigan Sales Tax Rate
What is 6%
200
Another name given by Mr. Coomes for proportional tax
What is a flat tax
300
A positive externality of Michigan’s cigarette tax.
What is a decrease in the amount of youth smokers
300
This type of tax is withheld from individual’s payroll check.
What is Income Tax
300
This type of tax is paid on most items but not all. Michigan’s rate is 6% and some states such as Washington do not have this type of tax.
What is Sales Tax
300
About what percentage of government revenue comes from individual income tax.
What is 45%
300
This is identified as laws or decisions made by judges to accommodate citizens.
What is Public Policy
400
A negative externality of Michigan’s cigarette tax.
What is an increase in interstate smuggling
400
This type of tax that is the same for everybody however, it is only a portion that is paid. An example of this tax is the Michigan income tax rate of 4.35%.
What is Proportional Tax
400
This tax is also known as FICA and can only be used for retirement or from a death of a spouse or serious injury
What is Social Security Tax
400
Every taxpayer subtracts $3,300 from their taxes every year. This is to reduce the amount of tax one has to pay.
What is Deduction
400
Mr. Coomes favorite college football
What is the University of Michigan
500
The purpose of the Michigan Cigarette Tax
What is to increase funds for K-12 education programs
500
This type of tax is also identified as a special tax. Think of the Michigan Cigarette Tax
What is Excise Tax
500
Some states have citizens pay a fee for these things to generate additional revenue for governemnt.
What is toll roads, lotteries, or traffic tickets
500
This is a heavy tax placed on foreign products into the United States
What is a Tariff
500
In addition to a deduction, taxpayers reduce the amount of taxable income by $3,300.