1axes 1axes and More 1axes!

A famous quoLe says 1here are Lwo cerLalnLles ln llfe deaLh and Laxes!" 1haL may make you feel a llLLle depressed
buL Lhe facL of Lhe maLLer ls governmenL can do very llLLle wlLhouL Lax money 1hls ls how lL pays for everyLhlng lL does!
1he asslgnmenL you have LonlghL ls Lo become vL8? famlllar Lhe followlng Laxes below 1he book wlll provlde some
lnformaLlon you need CLherwlse l have provlded lnformaLlon for you as well so you wlll come ln Lomorrow ready for
dlscusslon andoLher Lhlngs Ch you wlll need Lo use Lhe lnLerneL a llLLle blL as well(Coogle)
Pere are Lhe maln Laxes we pay ln Lhls counLry Anu whaL you have Lo know for Lomorrow!
A 1AkLS CN INCCML (page 63 ln your economlcs book)
Who pays lncome Laxes? ______________________________________________________________
1kUL or IALSL (clrcle lL) 1be mote mooey yoo moke tbe mote yoo wlll poy lo locome toxes!
1hls Lax Lakes hlgher percenLage of earnlngs from people wlLh hlgher lncomes ___________________________
1hls Lax Lakes a hlgher percenLage of earnlngs from people wlLh lower lncomes __________________________
Clve an example of a regress|ve tax _________________________
Whlch level of governmenL recelves MCS1 of lLs revenue from Lhe lncome Lax ____________________________
Why are lncome Laxes known as DIkLC1 Laxes? _____________________________________________________
8 1AkLS CN CCNSUM1ICN (Sales Lax Lxclse Laxes and Luxury Laxes) (page 66 ln your econ book)
ConsumpLlon Laxes are known as INDIkLC1 Laxes why?____________________________________________
1kUL or IALSL (clrcle lL) oy tlme yoo potcbose sometbloq yoo ploo to coosome yoo wlll poy o coosomptloo tox
___________________________________________________________________________________________
(Coogle lL) WhaL ls a LUkUk Lax? _______________________________________________________________
LkCISL Laxes are someLlmes placed on speclflc goods (glve Lwo examples ________________________________)
Mllwaukee CounLy has a Lax raLe of 36 on all goods purchased wlLhln lLs borders 1hls ls a regresslve Lax! Why?
___________________________________________________________________________________________
___________________________________________________________________________________________
Whlch level of governmenL recelves MCS1 of lLs revenue from consumpLlon Laxes?_______________________

C 1AkLS CN kCLk1 AND WLAL1n
1bese kloJs of toxes ote ploceJ oo ltems we OwN our properLy our wealLh LlsL some lLems below whlch you
Lhlnk could be Laxed


Whlch level of governmenL recelves MCS1 of lLs revenue from properLy Laxes? __________________________

D 1AkIIIS (page 67)
WhaL are 1ar|ffs (pronounced Learlff")? _________________________________________________________
(Coogle lL) Pow are Larlff Laxes passed on Lo consumers (you and me)?