1. STUDENTS WILL BE ABLE TO DEFINE WHAT A TAX IS AND EXPLAIN WHY WE MUST HAVE TAXES
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1 LIGHTHOUSE CPA SOCIAL SCIENCES DEPARTMENT AP ECONOMICS STUDY GUIDE # 17 - TAXES & GOVERNMENT SPENDING CHAPTER LEARNING OBJECTIVES STUDENTS WILL BE ABLE TO DEFINE WHAT A TAX IS AND EXPLAIN WHY WE MUST HAVE TAXES STUDENTS WILL BE ABLE TO EXPLAIN WHERE THE GOVERNMENT GETS ITS AUTHORITY TO TAX STUDENTS WILL BE ABLE TO IDENTIFY AND EXPLAIN THE LIMITS ON THE POWER TO TAX 4. STUDENTS WILL BE ABLE TO IDENTIFY, DEFINE, AND EXPLAIN THE CLASSIFICATIONS OF TAXES 5. STUDENTS WILL BE ABLE TO DEFINE AND EXPLAIN THE CHARACTERISTICS OF A GOOD TAX 6. STUDENTS WILL BE ABLE TO EXPLAIN THE CONCEPT OF HOW TAX FAIRNESS AND BURDENS ARE DETERMINED 7. STUDENTS WILL BE ABLE TO DEFINE AND EXPLAIN SUCH BASIC TAX TERMS AS - TAX BASE, TAX RETURN, TAXIBLE INCOME, GROSS INCOME, PERSONAL EXEMPTIONS, DEDUCTIONS, AND WITHHOLDING 8. STUDENTS WILL BE ABLE TO DEFINE AND EXPLAIN THE 10 GENERAL TYPES OF TAXES 9. STUDENTS WILL BE ABLE TO DEFINE AND EXPLAIN THE CONCEPTS OF MANDATORY AND DISCREATIONARY SPENDING 10. STUDENTS WILL BE ABLE TO IDENTIFY, DEFINE, AND EXPLAIN THE CONCEPTS BEHIND, AS WELL AS THE CHARACTERISTICS OF, ENTITLEMENT SPENDING PROGRAMS 1 STUDENTS WILL BE ABLE TO IDENTIFY AND EXPLAIN THE GENERAL BUDGET REQUIREMENTS OF STATES 1 STUDENTS WILL BE ABLE TO IDENTIFY, DEFINE, AND EXPLAIN THE SOURCES FOR STATE AND LOCAL TAX REVENUES 1 STUDENTS WILL BE ABLE TO EXPLAIN THE LIMITATIONS ON STATE AND LOCAL TAXATION
2 14. STUDENTS WILL BE ABLE TO IDENTIFY THE MAJOR WAYS THAT STATE AND LOCAL TAX REVENUES ARE SPENT WHAT ARE TAXES? WHY HAVE TAXES? WHO GIVES THE GOVERNEMENT THE RIGHT TO TAX AND ON WHAT BASIS? WHAT ARE THE 5 LIMITS ON THE POWER TO TAX? WHAT ARE THE 3 CLASSIFICATIONS OF TAXES? PROPORTIONAL TAX - PROGRESSIVE TAX - REGRESSIVE TAX -
3 WHAT ARE THE 4 CHARACTERISTICS OF A GOOD TAX? 4. WHAT ARE THE 2 WAYS THAT TAX FAIRNESS IS DETERMINED? BENEFITS RECEIVED PRINCIPLE - ABILITY TO PAY PRINCIPLE - WHAT REALLY DETERMINES WHO CARRIES THE BURDEN OF A TAX? IT ALL DEPENDS ON DEMAND!! ******************************************************************************** DR. HOLDEN VIDEO > INDIRECT TAXATION INDIRECT TAXATION - IS TAXATION ON TWO TYPES :
4 UNIT SPECIFIC TAX - A. WHAT TAX IS AN EXAMPLE? TAX B. HOW DOES IT AFFECT THE SUPPLY AND DEMAND CHART? A SHIFT OF THE CURVE C. WHO IS RESPONSIBLE FOR PAYING THIS TAX? D. THE PARTY RESPONSIBLE FOR CARRYING THE BURDEN, OR INCIDENCE, ( PAYS THE MOST ) OF THIS TAX IS DEPENDS ON THE OF THE DEMAND AND SUPPLY FOR THE GOOD E. IF DEMAND IS INELASTIC THE PAYS MORE AND IF DEMAND IS ELASTIC THE PAYS MORE AD VALOREM TAX - A. THESE ARE FAR MORE AND AN EXAMPLE IS A TAX B. HOW DOES IT AFFECT THE SUPPLY AND DEMAND CHART? A SHIFT OF THE CURVE SEVEN IMPORTANT TAX TERMS : WHAT IS A TAX BASE? WHAT IS A TAX RETURN? WHAT IS TAXABLE INCOME?
5 4. WHAT IS GROSS INCOME? 5. WHAT ARE PERSONAL EXEMPTIONS? 6. WHAT ARE DEDUCTIONS? 7. WHAT IS WITHOLDING? THE 10 GENERAL TYPES OF TAXES : INCOME TAX - SALES TAX - PROPERTY TAX - 4. EXCISE TAX - 5. ESTATE TAX - 6. GIFT TAX - 7. IMPORT / TARIFFS - 8. SOCIAL SECURITY ( OASDI - OLD AGE, SURVIVORS, AND DISABLILITY INSURANCE ( FICA ) -
6 9. MEDICARE UNEMPLOYMENT - WHAT ARE THE 3 AMAZING TAX FACTS WE LOOKED AT? WHAT ARE THE 2 GENERAL CONCEPTS WITH REGARD TO THE GOVERNMENT SPENDING TAX REVENUES? MANDATORY PROGRAMS - ENTITLEMENT PROGRAMS / TRANSFER PAYMENTS ARE MANDATORY SPENDING PROGRAMS AND WHAT ARE THE CHARACTERISTICS OF THIS TYPE OF PROGRAM ( ALSO WHAT ARE SOME EXAMPLES? DISCRETIONARY PROGRAMS -
7 WHAT ARE THE 3 MAJOR CATEGORIES OF DISCRETIONARY SPENDING? WHAT ARE SOME EXAMPLES OF OTHER DISCRETIONARY SPENDING? WHAT ARE THE 3 BUDGET REQUIREMENTS FOR STATE AND LOCAL GOVERNMENTS? OPERATING BUDGETS - CAPITAL BUDGETS - BALANCED BUDGETS - WHAT ARE THE 6 REVENUE SOURCES FOR STATE AND LOCAL GOVERNEMENTS? LICENSING FEES - TRANSFER TAXES - 4. SEVERANCE TAXES - 5.
8 6. WHAT ARE THE 3 LIMITATIONS ON STATE AND LOCAL TAXATION? WHAT ARE THE 6 WAYS STATE TAX REVENUE IS SPENT? ADVANCED CONCEPTS IN THE USE OF TAXATION USING TAXES TO SOLVE PUBLIC POLICY ISSUES > POLLUTION NEGATIVE EXTERNALITY EXAMPLE : Assume that product X is produced in a perfectly competitive industry and that product X yields costs ( pollution ) to individuals who are neither consumers nor producers of product X. Part 1 > Using one correctly labeled graph, show the industry output and price under each of the following conditions : ( a ) The industry ignores the externality.
9 ( b ) The industry produces the socially optimum level of output. Part 2 > Identify one policy the government might use to achieve the level of output you identified in ( b )
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