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Ok How are you going to pay for the government expenditures that you want? Federal Government - Most of the Federal Revenue is going to come from income taxes How much (%) should INCOME TAX be on: a. Earned W-2 Wages up to $15,000 (basically minimum wage)? $50,000? $100,00? over $1 million? b. Earned 1099 (self-employment) income up $150,000? over $1 million? c. Passive Income from investments (dividends/capital gains)? d. Corporate Income in excess of $5 million? - Estate Tax (Death Tax) should the government charge heirs a tax on inherited wealth after a person dies?

Question

Ok How are you going to pay for the government expenditures that you want? Federal Government - Most of the Federal Revenue is going to come from income taxes How much (%) should INCOME TAX be on: a. Earned W-2 Wages up to 15,000(basicallyminimumwage)?15,000 (basically minimum wage)? 50,000? 100,00?over100,00? over 1 million? b. Earned 1099 (self-employment) income up 150,000?over150,000? over 1 million? c. Passive Income from investments (dividends/capital gains)? d. Corporate Income in excess of $5 million?

  • Estate Tax (Death Tax) should the government charge heirs a tax on inherited wealth after a person dies?
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Solution 1

It seems like you're asking for specific tax rates for different income levels and sources. However, as an AI, I don't have personal opinions or the ability to propose tax policies. I can tell you that these rates are typically determined by lawmakers and can vary greatly depending on the country, the specific tax laws in place, and the overall economic policy of the government.

In the United States, for example, the federal income tax system is progressive, meaning that higher income levels are generally taxed at higher rates. As of 2021, the tax rates range from 10% to 37% for individual income. The rate for corporate income is a flat 21%.

The tax on self-employment income is generally the same as the tax on earned income, but self-employed individuals are also responsible for paying the full amount of Social Security and Medicare taxes.

Passive income from investments is typically taxed at a lower rate, with a maximum rate of 20% for long-term capital gains and qualified dividends.

The estate tax, or "death tax," is a tax on the transfer of property after death. In the U.S., it only applies to estates worth more than $11.7 million as of 2021, and the rate can be as high as 40%.

Again, these are just examples from the U.S. tax system and the actual rates and rules can vary greatly depending on the specific circumstances and laws in place.

This problem has been solved

Solution 2

It seems like you're asking for specific tax rates for different income levels and sources. However, as an AI, I don't have personal opinions or the ability to propose tax policies. I can tell you that these rates are typically determined by lawmakers and can vary greatly depending on the country, the specific tax laws in place, and the overall economic policy of the government.

In the United States, for example, the federal income tax system is progressive, meaning that higher income levels are generally taxed at higher rates. As of 2021, the tax rates range from 10% to 37% for individual income. The rate for corporate income is a flat 21%.

The tax on self-employment income is generally the same as the tax on earned income, but self-employed individuals are also responsible for paying the full amount of Social Security and Medicare taxes.

Passive income from investments is typically taxed at a lower rate, with a maximum rate of 20% for long-term capital gains and qualified dividends.

The estate tax, or "death tax," is a tax on the transfer of property after death. In the U.S., it only applies to estates worth more than $11.7 million as of 2021, and the rate can be as high as 40%.

Again, these are just examples from the U.S. tax system and the actual rates and rules can vary greatly depending on the specific circumstances and laws in place.

This problem has been solved

Similar Questions

Ok. How are you going to pay for the government expenditures that you want? (State Government gets much of their revenue through sales taxes) 1.How much (%) should SALES tax be on: a. Cigarettes b. Fresh fruits and vegetables c. Clothing d. Luxuries (sportscars, yachts, jewelry) and why ** EXPLAIN YOUR ANSWERS **

Revenues: a. Individuals income tax b. Company and resource rent taxes c. Sales taxes (GST). Expenses: a. Social security and welfare b. Health c. Education 2. Working in pairs students discuss what is covered in each of the following areas of government spending and the amounts spent annually for the following: a. Social security and welfare b. Education c. Health. Points to discuss: - What is covered by each government department? - Who benefits from each of the three areas of spending? - Should more or less be spent in each area, and why? - Should governments provide these services/goods? Students give reasons for their answers. 3. Students discuss their responses as a class. Record and display student ideas. Example answers and justifications: The Department of Social Services is allocated money from the Australian Government Budget to ensure that people have enough money for basic living costs. The Department of Health ensures that people have access to health care. Department of Education, Skills and Employment ensures people have access to schools and training. The more money people have, the more they spend and therefore, the more they will contribute to the economy. 4. Students complete Worksheet A: The roles and responsibilities of government. This activity could be completed in pairs or through a whole-class discussion.

The table below shows hypothectical figures of revenue and spending for the Canadian government. For simplicity, assume that all of the spending grants to other levels of government were spent in Canada on goods and services.               Federal Government's Budget Plan for Fiscal Year ($billion)         REVENUES     OUTLAYS  Personal income taxes $105   Transfers to persons $45Corporate income taxes 32   Spending grants to other levels of government 40Other income taxes 10   Public debt charges 37GST and excise taxes 43   Direct program spending 90EI premiums 16   Total Outlays 212Other revenues 19   Projected Budget Plan Surplus 13Total Revenues 225      a. The projected NTR in this budget plan is $ billion. b. The value of NTR less government spending on goods and services (G) is $ billion. Round your answers to 1 decimal place. c. The percentage of total revenue made up by personal income taxes is %. d. The percentage of total revenue made up by corporate income taxes is %. e. The percentage of total outlays made up by transfer payments to persons is %. f. The percentage of total outlays made up by public debt charges is  %.

If the federal​ government's expenditures are less than its tax​ revenues, then: a. a budget deficit results. b. the budget is balanced. c. the government is deficit spending. d. a budget surplus results.

Which does federal income tax help to fund?A.Fire protectionB.Military defenseC.Private schoolsD.Local parksSUBMITarrow_backPREVIOUS

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