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THE BUDGET AND TAXES

THE BUDGET AND TAXES. THE FEDERAL BUDGET. ENTITLEMENTS. Social Security Medicare Paid for by separate taxes Meant to provide a minimum decent standard of living for all retired and elderly Americans The social “safety net”. ANOTHER WAY OF LOOKING AT IT – WITHOUT THE ENTITLEMENTS.

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THE BUDGET AND TAXES

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  1. THE BUDGET AND TAXES

  2. THE FEDERAL BUDGET

  3. ENTITLEMENTS • Social Security • Medicare • Paid for by separate taxes • Meant to provide a minimum decent standard of living for all retired and elderly Americans • The social “safety net”

  4. ANOTHER WAY OF LOOKING AT IT – WITHOUT THE ENTITLEMENTS

  5. http://www.nytimes.com/interactive/2010/02/01/us/budget.html

  6. PURPOSES OF TAXES • RAISE REVENUE FOR THE GOVERNMENT • INFLUENCE OUR BEHAVIOR

  7. EXAMPLES OF INFLUENCE • “Sin taxes” on cigarettes and alcohol • Tax credits for historic buildings makes the cost of restoring them authentically equivalent to altering or destroying them.

  8. Historic Buildings

  9. TAXES • Progressive vs. Regressive • Withholding • Deductions vs. Credits

  10. TYPES OF TAXES • Tariffs and excises • Sales taxes • Luxury taxes • “Sin” taxes • Surtax • Estate tax or “death tax” • Fuel tax • Estimated tax • Capital gains tax

  11. TYPICAL FEDERAL TAX FORM http://www.irs.gov/pub/irs-pdf/f1040.pdf?portlet=3

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