12- The Congress shall have Power to lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defense and general Welfare of the UnitedStates; but all Duties, Imposts and Excises shall be uniform throughout the United States. By the terms of the Constitution, the power of Congress to levy taxes is subject to but one exception and twoqualifications. Articles exported from any State may not be taxed at all. Direct taxes must be levied by the rule of apportionment and indirect taxes by the rule of uniformity.
Local taxes |Economic impact |
Income | They contribute to the local budget |
Sales | Without sales tax the government will have to increase either the property tax or the income tax the sales tax gives it a sortof balance |
Property | Main source of funding for public schools |
State taxes | Economic impact |
Income | They contribute to the state budget |
Federal Unemployment Tax | Provides forpayments of unemployment compensation to workers who have lost their jobs |
Corporate income tax | It contributes only with a small percentage on state revenue nevertheless it can contribute to a stateeconomy |
Federal taxes | Economic impact |
Social Security tax | Retirement fund to provide old- age pensions to workers Provides benefits to people whose disabilities keep them from working.|
Federal Unemployment Tax | Provides for payments of unemployment compensation to workers who have lost their jobs |
Corporate income tax | It contributes only with a small percentage on staterevenue nevertheless it can contribute to a state economy |
16- In my opinion taxes should be applied at different rates depending on their earnings. You can’t expect that a person whose wins lessthan $40,000 annually have the same tax rate than a person whose earnings are greater than $200,000 there is a $160,000 differential on earning reason why these two persons shouldn’t be charged the...