REC 475 Lecture Notes - Lecture 8: Fairtax, Flat Tax, Income Tax
Document Summary
Compulsory income- funds secured by government organizations through taxes or some other similar government generated source (mainly taxes though) August 31, 2016: everyone is forced to pay this. Compulsory income = taxes: types of compulsory incomes: Real property taxes taxes on land and things on the land. Ex: real estate, your house on the land you own. Schools get their majority of funding from real property. Some sales tax stays local but the majority goes to the state. Not all states have sales tax but they have other taxes in place to make up for it 45 out of 50 states. Ex: in north carolina it is sh. 07 so something for a buck would mean you pay . 07. Excise tax extra tax on top of sales tax. Excise tax is also known as the sin tax. We are okay taxing these things pretty high. Income tax and pay at federal level and state level.
