ECON-1020 Chapter Notes - Chapter 10: Income Tax In The United States, Regressive Tax, Proportional Tax
3 Feb 2020
School
Department
Course
Professor
Document Summary
The government in the economy: taxation and regulation. It is up to each individual to decide when and where government intervention makes the most sense. 10. 1 taxation and government spending in the us. [federal: tax revenues/receipts--the money a government collects through a tax, payroll taxes (social insurance tax)--a tax on wages that employers are required to withhold. Individual income taxes--largest portion (approximately 47%) from employees" pay (about a third of the federal government"s receipts: corporate income tax--generated from taxing profits earned by corporations (approximately. 10%: all other taxes--includes excise taxes--taxes paid when purchasing specific goods such as alcohol, tobacco, and gasoline. Sources of revenue for state and local governments are different from those for the federal government: all other category (30%, revenue from the federal government (22%, property taxes (17%) 10. 3 government failures: government failures--refer to inefficiencies caused by a government"s interventions (i. e. deadweight loss, the direct costs of bureaucracies.
