Textbook Notes (368,316)
United States (206,002)
Economics (994)
Chapter 12

Chapter 12 - The Design of the Tax System

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Department
Economics
Course
Economics 10a
Professor
Gregory Mankiw
Semester
Fall

Description
Chapter 12: The Design of the Tax System ­ taxes should be both efficient and equitable A Financial Overview of the U.S. Government ­ federal government receipts listed in order of greatest amount  ­ income tax is largest revenue for federal government ­ family’s tax liability calculated from taxable income ­ marginal tax rate: tax rate applied to each additional dollar of income ­ payroll tax: tax on wages that a firm pays its workers ­ this revenue called social insurance taxes, used for social security and medicare ­ corporate income tax: tax on corporation based on profit, on top of individual  income tax ­ excise taxes: taxes on specific goods and other things like customs duties ­ federal government spending listed in order of greatest amount  ­ social security  ▯transfer payments to elderly ­ national defense  ▯salaries and equipment ­ income security  ▯transfer payments to poor and unemployed ­ health spending ­ net interest  ▯interest payments for loans ­ other  ▯court system, space program, Congress salaries ­ budget deficit: excess of government spending over receipts ­ budget surplus: excess of government receipts over spending ­ health spending has increased because of growing elderly population and rising  healthcare costs ­ state and local government receipts listed in order of greatest amount ­ sales and property taxes  ­ individual and corporate income taxes  ▯amount depends on state ­ funds from federal government, often to subsidize specific programs ­ state and lo
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