Where Do Your Taxes Go?

By: Cierra Barrientez

How does the government have the power to tax us?

Article 1 section 8 clause of the United States Constitution gives the Federal Government of the United States its power of taxation

Progressive Tax
Progressive tax is a tax in which the tax rate increases as the taxable base amount increase. If a person makes more money than another person they get taxed more.

Payroll Tax
Social security and Medicare is a type of payroll tax which is a tax imposed on nearly all employers and their employees withheld from their paychecks. In 2001 employees paid an OASI tax of 6.2% on the first $84,000 of their salary or wages for the year and their employers has to match the amount.

Regressive Tax
Sales tax is a regressive tax levied at a flat rate without regard to the level of a taxpayers income or ability to pay them

A tax levied on the income of individuals and corporation is called income tax which a progressive tax

Estate Taxes is a levy imposed on the assets of one who dies.

If you inherit something you have to continue payments

Non tax methods!!

Passports and Stamps are Non tax methods. The revenue obtained by the government from sources other than tax is called Non Tax Revenue.

The difference between

Surplus Surplus is more income than spending Deficit Deficit is the yearly short fall between revenue and spending

We are adding to deficit because the government spends more money than it takes in overtime the government borrowing has created a public debt of approximately $11.747 trillion as of February 26,2013

Why is its important for our country to have a balanced budget? Its important for our country to have a balanced budget because it keeps our country from over spending and keeps the debt from growing!!!

Entitlements are benefits that federal law says must be paid to all those who meet the eligibility requirements such as being a certain age or income level. Entitlements use more than half of the governments money $$$ Such as

SNAP Food Benefits SNAP stands for Supplemental Nutrition Assistance Program. SNAP is a financial assistance for purchasing food to low-and no income people living in the U.S

SNAP was established in 1933 in the midst of The Great Depression as a part of Agricultural Adjustment Act (AAA) Who is eligible for this program? Low income individuals and families the homeless people who are unemployed and elderly or disabled. You must also have to reach the eligibility requirements such as house hold size and Income level.

For someone who receives SNAP gets money automatically deposited into your food SNAP EBT account so you can buy food. In year 2012 the federal government spent about $81 Billion on SNAP!!!!

Having or not having a balanced budget ?

For Having a balanced budget can do a country good by keeping it out if debt Against You can never predict how many people will need assistance by the government so it isnt easy to have a balanced budget.

:Reverences: Slide 1 nonbsvaloan.com Slide 2 ricochet.com Slide 3 money.msn.com Slide 4 www.123rf.com Slide 5 www.dreamstime.com Slide 6 ownthedollar.com Slide 7 www.2.erie.gov Slide 8 coinsand-stamps.blogspot.com Slide 10 www.sciencedaily.com Slide 12 romafood.com, www.hhsc.state.tx.us Slide 13 www.kerrdug.com, www.fns.usda.gov Slide 14 www.utexas.edu,www.cbpp.org Slide 15 www.thefeeherytheory.com
Other reverences kalyn-city.blogspot.com wikipedia.org www.ccrg.info