曼昆 经济学原理-税制设计.pptVIP

The Design of the Tax System Chapter 12 “In this world nothing is certain but death and taxes.”  . . . Benjamin Franklin “In this world nothing is certain but death and taxes.”  . . . Benjamin Franklin Government Revenue as a Percentage of GDP Central Government Tax Revenue as a Percent of GDP The Federal Government The U.S. federal government collects about two-thirds of the taxes in our economy. The Federal Government The largest source of revenue for the federal government is the individual income tax. Tax Liability With respect to paying income taxes, an individual’s tax liability (how much he/she owes) is based on total income. Individual Income Taxes The marginal tax rate is the tax rate applied to each additional dollar of income. Higher-income families pay a larger percentage of their income in taxes. Federal Income Tax Rates: 1999 The Federal Government and Taxes Payroll Taxes: tax on the wages that a firm pays its workers. Social Insurance Taxes: revenue from these taxes is earmarked to pay for Social Security and Medicare. Excise Taxes: taxes on specific goods like gasoline, cigarettes, and alcoholic beverages. Receipts of the Federal Government: 1999 Receipts of the Federal Government... Federal Government Spending Government spending includes transfer payments and the purchase of public goods and services. Transfer payments are government payments not made in exchange for a good or a service. Transfer payments are the largest of the government’s expenditures. Federal Government Spending Expense Category: Social Security National Defense Net Interest Income Security Medicare Health Other Federal Government Spending: 1999 Federal Government Spending: 1999... Financial Conditions of the Federal Budget A budget deficit occurs when there is an excess of government spending over government receipts. Government finances the deficit by borrowing from the public. Financial Conditions of the Federal Budget A budget surplus occurs when governme