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  • Taxation

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    There are several types of taxes including income tax, sales tax, property tax, capital gains tax, corporate income tax, excise tax, tariffs, and estate tax. Taxes are based on earnings, value of goods/services sold, value of property, stock earnings, company profits, production of goods/services, imports, and value of money and property of deceased individuals. Federal and state governments rely on different tax revenues and have different categories of expenditures like education, welfare, and public safety. Local finances primarily come from property and sales taxes which are used for education, public welfare, public safety, and infrastructure projects.

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    There are several types of taxes including income tax, sales tax, property tax, capital gains tax, corporate income tax, excise tax, tariffs, and estate tax. Taxes are based on earnings, value of goods/services sold, value of property, stock earnings, company profits, production of goods/services, imports, and value of money and property of deceased individuals. Federal and state governments rely on different tax revenues and have different categories of expenditures like education, welfare, and public safety. Local finances primarily come from property and sales taxes which are used for education, public welfare, public safety, and infrastructure projects.

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    © All Rights Reserved
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    6 views11 pages

    Taxation

    Uploaded by

    niy
    There are several types of taxes including income tax, sales tax, property tax, capital gains tax, corporate income tax, excise tax, tariffs, and estate tax. Taxes are based on earnings, value of goods/services sold, value of property, stock earnings, company profits, production of goods/services, imports, and value of money and property of deceased individuals. Federal and state governments rely on different tax revenues and have different categories of expenditures like education, welfare, and public safety. Local finances primarily come from property and sales taxes which are used for education, public welfare, public safety, and infrastructure projects.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 11

    Taxation

    Federal, State, Local


    Types of Taxes – Tax Base
    Income tax
    ■ On a person’s earnings

    ■ Sales tax
    ■ On value of good or service being sold

    ■ Property tax
    ■ On value of property

    ■ Capital Gains tax


    ■ On stock earnings
    ■ Corporate income tax
    ■ On company’s profits

    ■ Excise tax
    ■ On the production of a good or service

    ■ Tariffs
    ■ On imports

    ■ Estate tax
    ■ On value of money and property of a person who has died
    Tax Structures
    Tax Structures
    Federal Revenues
    Federal Expenditures
    State (MI) Revenues
    State (MI) Expenditures
    Local Finances
    Primary Revenues
    • Property Taxes 73%
    • Sales & Excise Taxes 17%

    4-10
    Local Finances

    Primary Expenditures
    • Education 44%
    • Welfare, Health & Hospitals 12%
    • Public Safety 11%
    • Housing, Parks, & Sewers 8%
    • Streets & Highways 5%

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