https://padlet.com/adevine7/zttz8dqkasxz Descriptions and graphs of types of taxes. en-us 2019-05-14 11:53:32 UTC 2023-03-03 14:41:24 UTC hello@padlet.com adevine7 https://padlet.com/adevine7/zttz8dqkasxz/wish/359847994 A consumption tax is a tax on the money people spend, not earn. Sales taxes, which state/local governments use to raise revenue, are a type of consumption tax. Another example of a consumption tax is an excise tax on a specific good, like gasoline. ]]> 2019-05-14 11:55:22 UTC https://padlet.com/adevine7/zttz8dqkasxz/wish/359847994 adevine7 https://padlet.com/adevine7/zttz8dqkasxz/wish/359849169 A progressive tax is a tax that is higher for taxpayers with more money. In a progressive tax system, wealthy individuals pay tax at a higher rate than less wealthy individuals. In the US, wealthy Americans are taxed more than the middle-class and middle-class Americans are taxed at a higher rate than the working-class. ]]> 2019-05-14 11:59:08 UTC https://padlet.com/adevine7/zttz8dqkasxz/wish/359849169 adevine7 https://padlet.com/adevine7/zttz8dqkasxz/wish/359852676 A regressive tax is a tax that is either lower for wealthy individuals or flat, meaning everyone pays the same rate. Basically, a regressive tax is one that is not progressive. People with lower incomes would be more affected by a flat tax than people with higher incomes. ]]> 2019-05-14 12:09:56 UTC https://padlet.com/adevine7/zttz8dqkasxz/wish/359852676 adevine7 https://padlet.com/adevine7/zttz8dqkasxz/wish/359855479 A proportional tax is the same as a flat tax. Taxpayers at all income levels would pay the same "proportion" in taxes. Therefore, proportional taxes are also regressive taxes. Proportional taxes are most common in state-level sales taxes. ]]> 2019-05-14 12:17:52 UTC https://padlet.com/adevine7/zttz8dqkasxz/wish/359855479 adevine7 https://padlet.com/adevine7/zttz8dqkasxz/wish/359857099 Property taxes are taxes that people pay on their homes, land, or commercial real estate. Property tax payments are continual, meaning you have to keep paying them for as long as you live in a home. However, it is possible to qualify for property tax exemptions. ]]> 2019-05-14 12:22:13 UTC https://padlet.com/adevine7/zttz8dqkasxz/wish/359857099 adevine7 https://padlet.com/adevine7/zttz8dqkasxz/wish/359858368 Capital gains taxes apply to investment income after an investment is sold and a capital gain is realized. Many Americans don't pay capital gains taxes because many Americans don't invest at all. ]]> 2019-05-14 12:25:06 UTC https://padlet.com/adevine7/zttz8dqkasxz/wish/359858368 adevine7 https://padlet.com/adevine7/zttz8dqkasxz/wish/359860091 Estate and inheritance taxes are paid after someone dies. An estate tax is paid from the net worth of the deceased. There is a federal estate tax, and some states have their own estate taxes as well. Inheritance taxes are taxes on the privilege of inheriting assets and are paid by the heir. They do not exist at the federal level and are only found in some states.]]> 2019-05-14 12:29:11 UTC https://padlet.com/adevine7/zttz8dqkasxz/wish/359860091 adevine7 https://padlet.com/adevine7/zttz8dqkasxz/wish/359860263 Payroll taxes are taxes that cover your contributions to Medicare, Social Security, disability and survivor benefits and to federal unemployment benefits. These taxes are deducted from your paychecks.]]> 2019-05-14 12:29:31 UTC https://padlet.com/adevine7/zttz8dqkasxz/wish/359860263 adevine7 https://padlet.com/adevine7/zttz8dqkasxz/wish/359860348 Incomes taxes are taxes on the income you earn. Federal income taxes are both progressive and marginal. Marginal means that there are different tax rates for different income brackets. The top earners pay a high tax rate, but only on the amount of money they have in that top bracket. ]]> 2019-05-14 12:29:42 UTC https://padlet.com/adevine7/zttz8dqkasxz/wish/359860348