Funding the Public Sector (Part 2)
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Questions and Answers

What is the current corporate income tax rate as mentioned?

  • 25%
  • 15%
  • 21% (correct)
  • 28%

Which of the following is NOT a main type of excise tax?

  • Tobacco
  • Fuel
  • Real Estate (correct)
  • Alcohol

Which type of tax is often referred to as a 'special duty tax'?

  • Income Tax
  • Sales Tax
  • Excise Tax (correct)
  • Property Tax

What proposal is made by the Biden Administration regarding corporate income tax?

<p>Increase to 28% (A)</p> Signup and view all the answers

How many states impose income taxes as mentioned in the content?

<p>41 states (A)</p> Signup and view all the answers

What unique tax situation do professional athletes often navigate concerning state income taxes?

<p>Variable rates based on team duty days (D)</p> Signup and view all the answers

Which of the following taxes is specifically identified as potentially being a tax according to the content?

<p>Sugar Tax (A)</p> Signup and view all the answers

Which of the following is considered a component of fiscal policy?

<p>Corporate Income Tax (A)</p> Signup and view all the answers

What was the life expectancy for males in 1900?

<p>46 (C)</p> Signup and view all the answers

By what year did life expectancy for females reach 78 years?

<p>1981 (A)</p> Signup and view all the answers

What was the estimated worker to recipient ratio for Social Security today?

<p>3-1 (C)</p> Signup and view all the answers

Which year marked the introduction of the Medicare program?

<p>1965 (D)</p> Signup and view all the answers

How much of the Medicare budget is used by the elderly (over 65)?

<p>33% (D)</p> Signup and view all the answers

What percentage of income is typically taxed for Medicare on earnings over $200K?

<p>2.35% (D)</p> Signup and view all the answers

What is the projected worker to recipient ratio for Social Security by 2030?

<p>2-1 (B)</p> Signup and view all the answers

In which year did life expectancy exceed 75 years for both males and females?

<p>1981 (A)</p> Signup and view all the answers

What is one of the four major criteria that a good tax system should meet according to Adam Smith?

<p>Proportionate to incomes or abilities to pay (D)</p> Signup and view all the answers

What percentage is the Social Security Tax up to the maximum taxable income in 2024?

<p>6.2% (A)</p> Signup and view all the answers

Which term refers to a program that collects payments from current participants to pay benefits to current beneficiaries?

<p>Ponzi program (B)</p> Signup and view all the answers

What significant demographic shift is currently affecting the Social Security system?

<p>Retirement of Baby Boomers (D)</p> Signup and view all the answers

Which year had the maximum taxable income set at $160,200?

<p>2023 (B)</p> Signup and view all the answers

What does the term 'matching program' refer to in the context of Social Security?

<p>Employers match employee contributions (D)</p> Signup and view all the answers

Which of the following best describes the structure of the Social Security Tax?

<p>Flat and possibly regressive (B)</p> Signup and view all the answers

According to Adam Smith, how should taxes be administered?

<p>At times and in ways convenient to the taxpayers (C)</p> Signup and view all the answers

What is a common method of taxing marijuana in fully legal states?

<p>Weight Based Tax similar to Cigarettes (A)</p> Signup and view all the answers

Which statement accurately reflects the banking situation for marijuana businesses?

<p>Minimal bank availability with options for cash deposits (B)</p> Signup and view all the answers

What is one potential benefit of lottery systems as mentioned?

<p>Provides a source of voluntary tax revenue (A)</p> Signup and view all the answers

What impact did Mexico's soda tax have on soda sales?

<p>Sales decreased by about 12% (B)</p> Signup and view all the answers

What is a challenge associated with the taxation of marijuana?

<p>Difficulties in deposit due to limited bank access (A)</p> Signup and view all the answers

What was the main reason for the implementation of the sugary drinks tax in Philadelphia?

<p>To support education initiatives (B)</p> Signup and view all the answers

According to the document, which of the following is a common local tax used in funding education?

<p>All of the above (D)</p> Signup and view all the answers

What approach did former Mayor Bloomberg propose to combat sugary drink consumption in New York City?

<p>A tax on sugary drinks (D)</p> Signup and view all the answers

What was the rate of the sugary drink tax passed by the Philadelphia City Council?

<p>1.5 cents per oz (B)</p> Signup and view all the answers

Which of the following are considered as 'small taxes' that individuals might overlook?

<p>Utility Bills (D)</p> Signup and view all the answers

Which gap in taxation philosophy is indicated by 'If you want less of something… TAX IT !!'?

<p>Higher costs lead to less consumption (D)</p> Signup and view all the answers

Which component is NOT mentioned as part of education funding?

<p>Road maintenance (C)</p> Signup and view all the answers

What does the term 'gross receipts tax' refer to in the context of utility bills?

<p>A tax on total revenue before expenses (D)</p> Signup and view all the answers

What is the total amount of fees categorized under Regulatory Recovery in the provided information?

<p>$1.92 (D)</p> Signup and view all the answers

Which fee has the highest amount listed in the provided details?

<p>Federal Universal Service Fee (A)</p> Signup and view all the answers

What is the approximate amount of property tax for a $825,000 house located in Dallas County?

<p>$24,000 (C)</p> Signup and view all the answers

How much is the FC Regulatory Fee for Cable?

<p>$0.08 (B)</p> Signup and view all the answers

Estimate the personal property tax for a typical business with equipment valued at $2.3 million.

<p>$60,000 (B)</p> Signup and view all the answers

Which of the following is the correct fee for the 911 Equalization Fee?

<p>$0.06 (B)</p> Signup and view all the answers

What is the estimated value of the personal property for the typical plant?

<p>$2.3M (C)</p> Signup and view all the answers

Which unusual tax has the highest percentage listed?

<p>California-Vending Fruit Tax (C)</p> Signup and view all the answers

What is a current issue faced by the marijuana industry concerning tax revenue?

<p>Limited options for depositing cash due to minimal bank access (A)</p> Signup and view all the answers

Which method of marijuana taxation is NOT mentioned in the content?

<p>Income-based taxation (D)</p> Signup and view all the answers

What estimated annual revenue is generated from lottery spending in the U.S.?

<p>$70 billion per year (C)</p> Signup and view all the answers

What was one observable effect of Mexico's soda tax?

<p>Sales decreased by about 12% (B)</p> Signup and view all the answers

Which of the following statements about lotteries is true based on the provided information?

<p>Lotteries generate revenue but can be considered inefficient per some perspectives (C)</p> Signup and view all the answers

What was the worker to recipient ratio for Social Security in 1960?

<p>9 (A)</p> Signup and view all the answers

What is the estimated worker to recipient ratio for Social Security by 2030?

<p>2 (D)</p> Signup and view all the answers

What percentage increase in Medicare tax applies to earned income over $200K?

<p>2.35 (C)</p> Signup and view all the answers

In which year did life expectancy for males reach 70 years?

<p>1981 (B)</p> Signup and view all the answers

As of 2016, what was the life expectancy for males?

<p>76.1 (A)</p> Signup and view all the answers

By what percentage did life expectancy for females increase from 1900 to 2010?

<p>32.5 (A)</p> Signup and view all the answers

What is one of the four major criteria for a good tax system according to Adam Smith?

<p>Taxes should be proportional to incomes or abilities to pay. (D)</p> Signup and view all the answers

What is the Social Security Tax rate in 2024?

<p>6.2% (B)</p> Signup and view all the answers

What issue is currently affecting the Social Security system due to demographic changes?

<p>Baby Boomers retiring in large numbers. (B)</p> Signup and view all the answers

Which year had the highest maximum taxable income for Social Security before 2024?

<p>2023 (D)</p> Signup and view all the answers

What characteristic describes the Social Security Tax structure?

<p>Flat but potentially regressive. (A)</p> Signup and view all the answers

What is a common criticism of the Social Security system referred to as a 'Ponzi' program?

<p>It relies on incoming payments to provide benefits to current recipients. (A)</p> Signup and view all the answers

What financial impact does the retirement of the Baby Boom generation have on Social Security?

<p>Results in fewer people paying into the program. (B)</p> Signup and view all the answers

What is the proposed corporate income tax rate increase suggested by the Biden Administration?

<p>28% (D)</p> Signup and view all the answers

Which of the following types of taxes is NOT commonly categorized as an excise tax?

<p>Income tax (D)</p> Signup and view all the answers

What is one key aspect that influences state income tax for professional athletes?

<p>Where they play the majority of the season (A)</p> Signup and view all the answers

Which tax is considered a tool of fiscal policy?

<p>Corporate income tax (C)</p> Signup and view all the answers

What is a unique consideration for professional athletes regarding state income taxes?

<p>They may owe taxes in multiple states based on their play schedule. (B)</p> Signup and view all the answers

Which type of state tax can be classified as a 'special duty tax'?

<p>Excise tax (D)</p> Signup and view all the answers

Which of the following is NOT a federal tax summarized in the document?

<p>Property tax (B)</p> Signup and view all the answers

How many states are noted to impose income tax?

<p>41 states (A)</p> Signup and view all the answers

What is the total amount of fees listed for Regulatory Recovery?

<p>$2.25 (B)</p> Signup and view all the answers

Which tax has the highest individual amount listed?

<p>Federal Universal Service Fee (B)</p> Signup and view all the answers

Estimate the property tax for a real property valued at $94,000 in Harris County.

<p>$2,700 (B)</p> Signup and view all the answers

What is the value of personal property tax for a business with equipment valued at $2.3 million?

<p>$60,000 (D)</p> Signup and view all the answers

Which of the following taxes is specifically identified as a unique tax, according to the content?

<p>California Vending Fruit Tax (D)</p> Signup and view all the answers

What is the approximate property tax for a house valued at $825,000 in Dallas County?

<p>$24,000 (C)</p> Signup and view all the answers

Which of the following fees contributes the least amount among those listed?

<p>911 Equalization Fee (A)</p> Signup and view all the answers

Which fee is associated with the recovery for municipal costs?

<p>Municipal Right-of-Way Fee (A)</p> Signup and view all the answers

What was the main motivation behind the implementation of the sugary drinks tax in Philadelphia?

<p>To reduce the consumption of sugary liquids (A)</p> Signup and view all the answers

What is the rate of the sugary drink tax that was passed by the Philadelphia City Council?

<p>1.5 cents per ounce (B)</p> Signup and view all the answers

Which of the following is NOT considered a local tax mentioned in the content?

<p>Environmental Tax (C)</p> Signup and view all the answers

What is one of the primary uses of the revenue generated from the sugary drinks tax in Philadelphia?

<p>Public education funding (D)</p> Signup and view all the answers

Which statement reflects the proposed strategy regarding consumption of products through taxation?

<p>Taxing a product is intended to reduce its consumption. (D)</p> Signup and view all the answers

What type of tax is described as being levied at the distribution level on sugary drinks?

<p>Excise Tax (D)</p> Signup and view all the answers

What aspect of funding was highlighted as a primary component of local education funding?

<p>Property Tax (B)</p> Signup and view all the answers

Which of the following utility-related taxes is mentioned in the small taxes section?

<p>Gas rider tax (C)</p> Signup and view all the answers

Flashcards

Adam Smith's criteria for good taxes

Good taxes are proportionate to income, certain, convenient for taxpayers, and cheap to administer.

Social Security Tax

A payroll tax collected to fund Social Security programs.

FICA

Federal Insurance Contributions Act, the law that created Social Security tax.

Matching Program

Both employers and employees contribute to Social Security taxes.

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Social Security's maximum taxable income

A yearly limit on earnings subject to Social Security tax.

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Pay-as-you-go program

Social Security funds are available when currently working people are taxed.

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Social Security's main issue

Retirement of Baby Boomers reduces the ratio of working to retired individuals, making it harder for the system to support the growing retired population.

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Flat or Regressive Tax

A tax that applies the same rate to all taxpayers irrespective of their income, meaning lower earners pay a higher percentage of their income.

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Marijuana Taxation

Marijuana taxes vary by state, ranging from a percentage of the price (sales tax) to weight-based or potency-based taxes, similar to cigarettes and alcohol.

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Lottery Taxes

Lotteries are a form of voluntary taxation, estimated at $70 billion annually in the US.

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Excise Tax

An additional tax on specific goods or services, like the sugar tax in Mexico.

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Marijuana Legalization

Marijuana is fully legal in 22 states and the District of Columbia.

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Soda Tax

A tax on sugary drinks, intended to decrease consumption and address health issues.

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Corporate Income Tax

A tax on the profits of corporations.

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Progressive Tax

A tax system where higher earners pay a larger percentage of their income in taxes.

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State Income Taxes

Taxes levied by state governments on income earned within their borders.

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Pro Athlete Tax

Tax implications for professional athletes, considering their income earned in multiple states.

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Corporate Tax Rates

Percentage rates applied to corporate profits.

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Federal Taxes, High Income

Tax liability for individuals with incomes exceeding $10 million under federal law.

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Limited Dialysis for Elderly

Health care provision restrictions for dialysis treatment based on age.

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Life Expectancy Increase (1900-2016)

Average lifespan increased significantly over the period. Male and female life expectancies rose from 46 and 48 in 1900, to about 76 and 81 in 2010, respectively.

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Social Security Funding

The number of workers supporting each Social Security benefit recipient is decreasing.

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Social Security's Future

The financial sustainability of Social Security is uncertain, requiring more workers to support each retiree.

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Medicare Funding

Medicare is a government program for healthcare financing for older Americans. It's funded through payroll taxes and has steadily rising costs associated with the growing elderly population.

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Medicare Tax Rate (1965)

Medicare was created with a 1.45% tax rate on earned, employment incomes, split between employee and employer contributions.

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Medicare High-Income Tax

For incomes over $200,000, an additional 0.9% Medicare tax is applied. This raises the total Medicare tax rate to 2.35% on that portion of income.

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Medicare Funding (33%)

Elderly Americans (over 65) utilize a substantial portion (approximately 33%) of the Medicare budget annually.

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Medicare's Routine Care

A significant portion of Medicare's budget is spent on routine medical care for elderly Americans with health conditions.

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NYC sugary drink tax

Former Mayor Bloomberg proposed taxing sugary drinks in NYC to reduce consumption.

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Philadelphia sugary drink tax

Philadelphia passed a tax on sugary drinks, 1.5 cents per ounce, to fund education.

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Taxation for reduced consumption

Taxes can be used to discourage the consumption of certain goods or services.

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Local Taxes (Types)

Various local taxes include sales tax, income tax, and property tax, primarily funding education.

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Property Tax components

Property taxes are collected on real property (like buildings and land) and personal property (like equipment and inventory).

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Texas tax-free purchases

Texas has specific purchasing exemptions or tax-free items.

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Utility Bill Taxes (Sample)

Examples of small, often overlooked, utility taxes : garbage, gas, electricity & cable.

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Gross receipts tax and example

A tax based on the total value of sales/receipts. Example: utility bill with a component of gross receipts tax.

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FC Regulatory Fee-Cable

$0.08 fee for cable services, regulated by a Federal body

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Real Property Tax (Harris County)

$2,700 estimated tax on a $94,000 house (1,426 sq ft).

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Real Property Tax (Dallas County)

Estimated $24,000 on an $825,000 house (5,200 sq ft) in Dallas County.

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Personal Property Tax (Business)

Approx. $60,000 estimated tax on business equipment valued at $2.3M.

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Municipal Right-of-Way Fee

$0.92 fee for using public spaces for utilities.

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Texas University Service Fee

$1.09 fee for supporting university services.

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Federal Universal Service Fee

$1.30 nationwide fee for telecommunication services.

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Arkansas Tattoo Tax

6% tax on tattoo services in Arkansas.

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Social Security Tax - "Pay as you go"

Social Security funds are collected from currently working people and paid out to retirees. It's often called a "pay-as-you-go" system because it relies on ongoing contributions.

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Social Security Tax Limit

The maximum amount of income subject to Social Security tax in a year, after which no further tax is collected.

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Social Security's 'Baby Boomer' Issue

As the 'Baby Boomer' generation (born 1946-1964) retires, the ratio of working individuals contributing to Social Security decreases, creating potential financial strain.

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Medicare Tax

A payroll tax collected to provide health insurance for Americans over 65 and those with disabilities.

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Medicare's Growing Costs

The cost of Medicare is increasing due to factors like the aging population and rising healthcare costs overall.

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High-Income Medicare Tax

Those earning above a certain threshold pay an additional Medicare tax on top of the regular rate, making it a progressive tax for higher earners.

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Local Taxes: Funding Education

Many local taxes, such as sales tax, income tax, and property tax, directly contribute to funding public education.

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State Excise Taxes

Special taxes levied on specific products within a state, like fuel, alcohol, tobacco, and marijuana.

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Progressive Income Tax

A tax system where individuals with higher incomes pay a larger percentage of their income in taxes.

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Life Expectancy Trend

The average lifespan in the U.S. has steadily increased since 1900, with both men and women experiencing gains. By 2010, life expectancy reached a record high, putting the U.S. at 36th in the world.

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Social Security Funding Ratio

The number of workers paying into Social Security compared to the number of people receiving benefits is shrinking. This means there are fewer workers supporting each retiree.

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Medicare Tax Rate

Medicare is financed through a tax on earned income, shared equally between employers and employees. For higher earners, there's an additional tax.

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Medicare and the Elderly

Older Americans (over 65) consume about one third of the total Medicare budget.

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Social Security Earnings Requirement

To qualify for full Social Security benefits, you need at least 35 years of earnings. This is crucial even with the uncertainty surrounding the program's long-term future.

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Medicare's Scope

Medicare covers a wide range of healthcare services for seniors, including routine care. This can be a significant cost contributing to the overall budget strain.

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Marijuana Taxes

Taxes on marijuana vary by state and can be a percentage of the price (sales tax), weight-based (like cigarettes), or potency-based (like alcohol).

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How do marijuana taxes work?

States that have legalized marijuana implement various tax structures, including sales-based, weight-based, and potency-based taxes.

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What were Bloomberg's concerns?

Former Mayor Bloomberg was concerned about NYC residents consuming excessive sugary drinks, leading to health issues.

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What was Bloomberg's approach?

Bloomberg aimed to reduce sugary drink consumption in NYC by implementing a tax on them.

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How did Philadelphia try a different approach?

Philadelphia aimed to fund education by implementing a 1.5 cents per ounce tax on sugary drinks at the distribution level.

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What's a key principle of taxation?

If a government desires to decrease the consumption of a particular good or service, taxing it is a common strategy.

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What are some examples of local taxes?

Common local taxes include sales tax, income tax, and property tax, which often significantly contribute to education funding.

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What are the components of property tax?

Property tax can be applied to real property (buildings, land) and personal property (equipment, inventory).

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What are some utility bill taxes?

Many utility bills include small, often overlooked, taxes such as garbage tax, gas tax, and parts of electricity bills.

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What is a gross receipts tax?

A gross receipts tax is levied on the total value of sales or receipts, found in things like utility bills.

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What are the main categories of property tax?

Property taxes are collected on both real and personal property. Real property includes things like buildings and land, while personal property covers equipment, inventory, and other belongings.

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What are some examples of taxes that might be included in a utility bill?

Utility bill taxes can include things like regulatory fees, right-of-way fees, 911 fees, and fees for supporting universal services.

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What is a 'Municipal Right-of-Way Fee'?

The 'Municipal Right-of-Way Fee' is a charge for using public spaces for utilities like power lines or pipelines. This covers the costs of maintaining and permitting these lines.

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What are "Strange" Taxes?

These are unusual taxes levied on specific goods or services, often seen as odd or unnecessary.

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What is a 'Personal Property Tax'?

A tax on items owned by individuals or businesses, like equipment, machinery, or inventory, rather than land or buildings.

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What is the Texas University Service Fee?

The Texas University Service Fee is a charge used to support various services offered by Texas universities, such as research, outreach, and student programs.

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What is the Federal Universal Service Fee?

A nationwide fee included in telephone and internet bills to ensure universal access to telecommunication services for all Americans.

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What is the "911 Equalization Fee"?

A fee on telephone bills that funds the '911' emergency response system, ensuring equal access to emergency services across Texas.

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Study Notes

Funding the Public Sector (Part 2)

  • Adam Smith's perspective on taxation emphasizes the public benefit of government services like national defense and governance. He argues that the population should contribute towards these costs proportionally to their ability to pay.
  • Effective taxation should meet four criteria:
    • Proportionality to income or ability to pay.
    • Certainty instead of arbitrariness.
    • Payable conveniently for the taxpayer.
    • Inexpensive administration and collection.

Social Security Tax

  • Also known as Payroll Tax, it's governed by the FICA of 1935.
  • It's a matching program where both the employee and employer contribute.
  • Generally considered a flat tax, though the progressiveness of contribution can be debated.
  • It's a pay-as-you-go program. Taxing incomes up to a certain maximum for each year.
  • The 2024 maximum taxable income for Social Security is $168,600. (Specific maximums for previous years are also listed)

Social Security "Issues"

  • Baby Boomers (1946-1964) are retiring in large numbers, leading to fewer people contributing to the system.
  • Increased life expectancy is a challenge. Contributing numbers are less than the receiving numbers over time. (Data on life expectancy by decade is included)

Life Expectancy

  • Information on life expectancy data is available at a link.

Funding each Social Security Recipient

  • The ratio of workers to retirees is changing. (Visualizations about funding are shown).

Medicare

  • The 1965 Medicare program is established and matched by employers.
  • The employer matches the portion of earned income over a specified amount.
  • Income earned over $200,000 is taxed and is subject to a 0.9% increase.
  • Medicare taxes all working income and does not include a ceiling.

Corporate Income Tax

  • The current corporate tax rate is 21%.
  • There has been a proposal for a 28% rate.
  • A minimum tax of 15% has been proposed.
  • Corporation tax is a fiscal policy tool.
  • Questioned on who pays corporate income tax is given.
  • Data charts are available for prior rates of corporations in different countries.

Excise Tax

  • Excise tax involves taxes on specific goods and services, including fuel, tobacco, alcohol, airline tickets, healthcare-related goods and others.

Federal Taxes

  • A summary of federal taxes is provided, listing personal income tax, social security, corporate income tax, excise tax, unemployment tax and estate tax.

State Taxes

  • Income tax is collected in 41 states.
  • Interest and dividend income is specifically taxed in some states.
  • State taxes are collected on professional athletes' income from multiple states.

State Income Taxes for Pro Athletes

  • Information on the different laws and application of income tax to professional athletes in various states. This includes how to determine resident vs. non-resident considerations, duration of residency, and additional considerations like registration and permits.
  • How states handle income in multiple states.

Marijuana Taxes

  • Details of taxation for legal marijuana use are given, including how they vary between states.
  • Legalization in 22 states and Washington, D.C.
  • Tax is applied various ways, by sales percentage, weight, potency.

Lotteries

  • Lotteries are a form of voluntary taxation.
  • Inefficient depending on certain views.
  • $70B is estimated in yearly proceeds.

American Spending in 2014

  • Graph and data on spending in 2014 in different categories.

Additional Taxes (Sugar Tax)

  • Mention of 'excise' taxes and providing an example of a sugar tax enacted in Mexico to address obesity.
  • There is consideration of raising taxes on sugary drinks in some other localities in an attempt to curb obesity.

Static vs Dynamic Tax Theory

  • The differing viewpoints of politicians and economists on the effects of taxation.
  • Politicians are more focused on the static immediate effects of imposing a tax. Economists consider the dynamic effects, which considers that taxes can influence consumer behavior.

Income Tax Practice Question

  • A question to calculate income taxes for different income brackets with varying percentage thresholds.

Local Taxes

  • Local taxes, including sales tax, income tax, and property tax, are described.

Texas – Tax-Free Emergency Purchases

  • Information on periods for tax-exempt emergency purchases in Texas.

Small (Unseen) "Taxes"

  • Information on added taxes, like garbage and gas taxes.

Cable Taxes

  • Summary of various fees related to cable TV.

Property Taxes

  • Information about real property (real estate) and personal property taxes.

Real Property Tax (Example)

  • Example of how real property tax is applied in a local area, including property value and amount of tax.

Business (Personal Property)

  • Notes on personal property taxes for businesses.
  • Example of typical plant and related equipment tax calculation.

Other Strange Taxes

  • Examples of unusual taxes applied in various states, including taxes on tattoos and other miscellaneous items.

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Funding the Public Sector (Part 2) PDF

Description

This quiz explores Adam Smith's perspective on taxation and the principles of effective taxation. It also covers the fundamentals of Social Security Tax, including its structure and the contributions of both employees and employers. Test your understanding of how these systems support public services.

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