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TAXES

TAXES. Duncan Hanson David Cohen Grace Lane. What Are Taxes?. Taxes are money that the people pay to the government With that money the government pays for… Public Schools Hospitals Heath Care Transportation (Roads, Subways, etc.) Services (Police, Firemen, etc.).

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TAXES

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  1. TAXES Duncan Hanson David Cohen Grace Lane

  2. What Are Taxes? • Taxes are money that the people pay to the government • With that money the government pays for… • Public Schools • Hospitals • Heath Care • Transportation (Roads, Subways, etc.) • Services (Police, Firemen, etc.)

  3. Where Do Taxes Come From? • There are 4 types Taxes • Sales • Personal Income • Federal • Property

  4. Sales Tax • A tax on bought goods • Usually a couple cents (4%) • Paid to the State Government • Pays for state police, and Banks

  5. Federal Tax • A Tax paid by an commission by letters that you mail • Paid to the federal Government • Pays for health care, insurance, military, FBI and CIA

  6. Property Tax • A percentage of your annual mortgage to the bank • The Bank is responsible for determining the amount that you owe, they mail you a letter to tell you and you determine if it is accurate or not • It pays for bank bail outs, company bail outs and lawsuits against the state

  7. Personal Income Tax • A tax based on how much you make annually • Taken off your pay check • Based on Section • 10% on the first $10,000 you make • 11% on the next $10,000, so on

  8. Choices are made in the Gov. How? • Based on priority • Senate gets together, and 2/3 of the vote must say that subject ‘O’ is better than subject ‘D’ • Should the vote pass, the House of Reps. must also approve • Then, the bill is passed to the Gov/Pres. depending on where the decision is taking place

  9. What does this involve? • Involves… • Public schools • Military spending • Infrastructure • Banks • Police force • Firemen • Hospitals • Healthcare • And trashmen

  10. How does this affect me? • Important because if the senate passed a bill to absolutely eliminate school funding, the school systems would be decimated, and the quality of education would be decimated

  11. Fiscal Cliff? • I’m just going to talk about it…not enough room to type it all

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