Understanding taxes narrated
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Transcript of Understanding taxes narrated
![Page 1: Understanding taxes narrated](https://reader035.fdocuments.net/reader035/viewer/2022062822/588367ea1a28ab536b8b5aa1/html5/thumbnails/1.jpg)
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“Taxes are what we pay for civilized society” Oliver Wendell Holmes Jr., 1904
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Taxes Fund Public Goods and Services
National Defense
State and Local Police
Financial Aid
Health Care for Elderly
Public Education
Social Services
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•Cooking Oil, Foreigners,Slaves (Ancient Egypt)
Early Taxes
•Sales, Inheritance, Imports,Exports (Ancient Rome)
•Beards, Beehives, Boots,Souls (Russia, 1702)
•Bachelors (England,1695; Missouri, 1820)
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•American Revolution caused debt
The Power to Collect Taxes
•Tax was necessary to pay debt
•Article 1, Section 8 of the U.S. Constitutiongranted Congress power to tax
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The Federal Government Dollar- Where It Comes From
Excise, Customs, Estate, Gift, and
Miscellaneous Taxes7%
Personal Income Taxes
43%Social Security, Medicare,
and Unemployment and other Retirement Taxes
35%
CorporateIncome Taxes
7%Borrowing toCover Deficit 8%
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The Federal Government Dollar- Where It Goes
Law Enforcement and General Government
3%
Social Security, Medicare, andother Retirement
38%
National Defense, Veterans, and Foreign Affairs
20%
Social Programs21%
Physical, Human, andCommunity Development
10%
Net Interest onthe Debt
8%
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How Taxes EvolveHouse Ways and Means Committee
Full House
Senate Finance Committee
Full Senate
Joint Conference Committee
Senate/House Compromise bill
President vetoes bill
Tax law enacted
President signs bill
Veto override fails Veto override passes
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Each person is responsible for filing a tax return.
Voluntary Compliance
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Tax Avoidance versus Tax Evasion•Tax Evasion: Failure to pay legally due taxes
•Tax Avoidance: Legal means of decreasingyour tax bill
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•Information on taxpayer returns is private
Taxpayer Rights
•Taxpayers have the right to appeal anIRS decision
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“The income tax law is a lot of bunk. The government can’t collect legal taxes from illegal money.”
Al Capone