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Food Prices Rise
The emerging middle class in China and India is adopting Western eating habits. And more and more arable land is being used to grow biofuel instead of food.
Food prices grow most since 1974
Wholesale prices rise 1.6 pct. due to biggest jump in food costs in more than 36 years
US Cost of Living Hits Record, Passing Pre-Crisis High
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Chapter 9 Sources of Government Revenue
Student Web Activity
"Understanding Individual Income Taxes"
Cf. http://glencoe.mcgraw-hill.com/sites/0078747643/student_view0/unit3/chapter9/student_web_activities.html
Introduction
As you have already learned, the individual income tax is a tax on people's earnings. The tax laws should be written so that both the taxpayer and the tax collector can understand them. This task is not always easy, but people seem more willing to accept the necessity for taxes when they understand them. The purpose of this activity is to examine the taxes that are taken from your income.
Destination Title: Internal Revenue Service
Note: Clicking on the link above will launch a new browser window.
Need help using your browser for this activity? Click here for tips.
Directions
Read the article What is Taxed and Why. Print a copy of the page or read the information and answer the following questions. Answer the questions below.
Scroll down to the bottom of the page and select information for one of the jobs listed.
1. Who benefits from withholding taxes? How?
2. What is tax liability?
3. What is the difference between vertical and horizontal equity?
4. What is a tax deduction? Give examples.
5. Create a list of tax deductions and tax credits that your family may use on your next tax form.
Section 1 The Economics of Taxation
Taxes and other governmental revenues influence the economy by affecting resource allocation, consumer behavior, and the nation’s productivity and growth. The three criteria used to determine if a tax is effective are equity, simplicity, and efficiency. Furthermore, the benefit principle of taxation and the ability-to-pay principle of taxation are used to help decide the group or groups that should bear the burden of the tax. Finally, taxes can be proportional, progressive, and regressive, depending on the way the average tax per dollar changes as taxable income changes.
Content Vocabulary
sin tax
incidence of a tax
tax loophole
individual income tax
sales tax
tax return
benefit principle of taxation
ability-to-pay principle of taxation
Regressive, Flat, and Progressive Tax Chart
proportional tax
average tax rate
Medicare
progressive tax
marginal tax rate
regressive tax
Reading Strategy
In-class assignment: with a partner, complete the graphic organizer by listing the criteria for taxes to be effective. Then define each of the criteria in your own words.
People in the News
Teenage Tax Preparers
Economic Impact of Taxes
Shifting the Incidence of a Tax, p. 231
In Motion
In-class assignment
With a partner, answer the questions.
What does Panel A show?
What does Panel B show?
What is the difference of absorbing a price increase between an elastic, and an inelastic demand?
Cf. http://glencoe.com/sites/common_assets/socialstudies/in_motion_08/epp/EPP_p231.swf
Criteria for Effective Taxes
Two Principles of Taxation
Three Types of Taxes
Chapter 9 Section 1 Review
In-class assignment: with a partner, use the graphic organizer to describe the economic impact of taxes.
Entrepreneur
Profiles in Economics
Monica Garcia Pleiman
Section 2 Federal, State, and Local Revenue Systems
There are four main sources of federal government revenues. The first is the individual income tax, a progressive tax administered through a payroll withholding system. The second largest component is FICA, which is levied on employers and employees equally to pay for Social Security and Medicare. The third is borrowing by the federal government. The corporate income tax is the fourth largest source. The excise tax—a tax on the manufacture or sale of selected items such as gasoline and liquor—is the fifth-largest source of federal government revenue. Other sources of federal revenue include estate taxes, gift taxes, customs duties, and user fees. State governments receive revenues in the form of sales taxes, intergovernmental revenues, individual income taxes, and employee retirement contributions. Local governments receive funds from state and federal governments, property taxes, utility and liquor stores, sales taxes, and other sources.
Content Vocabulary
Internal Revenue Service
payroll withholding system
indexing
FICA
payroll tax
corporate income tax
excise tax
estate tax
gift tax
customs duty
user fee
intergovernmental revenue
property tax
tax assessor
natural monopoly
Reading Strategy
In-class assignment: with a partner, complete the graphic organizer to identify and describe the revenue sources for federal, state, and local governments.
Issues in the News
Taxing Tycoons
Federal Government Revenue Sources
State Government Revenue Sources
State and Local Government Revenue Sources, p. 242
In Motion
In-class assignment
Cf. http://glencoe.com/sites/common_assets/socialstudies/in_motion_08/epp/EPP_p242.swf
Local Government Revenue Sources
Case Study
Dreaded Tax Returns
Chapter 9 Section 2 Review
In-class assignment: with a partner, use a graphic organizer to list the federal government's major revenue sources.
Section 3 Current Tax Issues and Reforms
Major tax revision bills have been passed since 1980. The first reduced the progressiveness of the individual income tax and the second made it more proportional. The third, passed in 1993, made it more progressive again. The fourth, passed in 1997, provided wealthy individuals with significant tax relief for long-term investments, and provided modest tax relief for child and educational expenses. The fifth in 2001 focused on reducing the top four marginal tax brackets by significant percentages by 2006. Due to slow economic growth in 2002, the 2001 tax reform was accelerated.
Content Vocabulary
Reading Strategy
In-class assignment: with a partner, complete a graphic organizer by listing the advantages and disadvantages of the flat tax. Include a definition of flat tax in your own words.
Business Week News Clip
Europe Circles the Flat Tax
Sec. 3 Review
In-class assignment: with a partner, use a graphic organizer to list the advantages and disadvantages of the value-added tax.
Chapter 9 Resources
Chapter 9: Sources of Government Revenue
Multiple Choice Quiz
Cf. http://glencoe.mcgraw-hill.com/sites/0078747643/student_view0/unit3/chapter9/self-check_quizzes.html
Ch. 9 Crossword Puzzle
Chapter 9 Flashcards
Chapters 8-11
Cf. http://glencoe.mcgraw-hill.com/sites/0078747643/student_view0/unit3/
The Beatles - Taxman
Email (or hand in hard copy) to gmsmith@shanahan.org.
Friday HW
1. p. 231, Reading Check
