Benjamin Franklin Taxation US Federal Tax Rates only 3 of Americans make over 250000 Gross income How much you earn Net income how much you keep Net income gross income gross incometax ID: 419928
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“In this world nothing can be said to be certain, except death and taxes.”Benjamin Franklin
TaxationSlide2
US Federal Tax Rates: (only 3 % of Americans make over $250,000)Slide3
Gross income: How much you earnNet income: how much you keep
Net income = gross income - gross income*tax
rateNet IncomeSlide4
World Tax Rates
United Kingdom21-28%
0-40 %
17.5%
Ireland
12.5 %
20-41%
21 %Mexico29%3-29 %15 %Sweden28 %0-59 %25 %Slovakia19 %19 %19 %Hong Kong15 %0-15 %0 %United Arab Emirates0 %0 %0 %
Country
CorporateTax rate
Income Tax
SalesTaxSlide5
According to Adam Smith:Simple to understandDon’t provide negative incentivesAvoid loopholes
IRS manual – 2,500,000 pages
(4 X size of the Bible)What are “Good Taxes”?Slide6
IRS – tax collection agency in USA
Taxes are deducted throughout year
Every citizen must file every year by:If you paid more during the year then you need to: you get a refundIf you paid more during the year then you need to: you must pay the differenceIncome Tax in USASlide7
Tax on something you ownUsually expensive like your house or boat
Property taxSlide8
Tax on a household income% of stays the same
“flat tax
”Rare in USAProportional Income TaxSlide9
Tax
on a household income
% of changes based on income“tax the rich more!”The more you make, the higher your taxProgressive Income TaxSlide10
Smaller % taken the higher your incomeSales
tax
Regressive TaxSlide11
Tax on inheritanceSometimes called “death tax”In US today, $2,000,000 and up
45% rate
Estate taxSlide12
Tax on gifts or rewardsGames shows, gambling, lotteryRate depends on gift35-60 %
Incentive?
Gift tax