Taxation

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Taxation is how governments obtain money in order to provide services required for the common good.

There are many kinds of taxes, just as there are many things that are (or are not) considered to be in the common good.

Taxes can include:

  • Payroll taxes are the state and federal taxes that employers must withhold and/or to pay on behalf of employees. Employers withhold state and federal income taxes as well as social security and Medicare taxes from the employees' wages. Employers are also required to pay a matching amount of social security and Medicare taxes for each employee and to pay state and federal unemployment tax
  • Tariffs on imported goods
  • Property taxes on the value of one's real estate holdings
  • Sales taxes on purchases of goods
    • (The preceding three are examples of ad valorem taxes), based as a percentage of value
  • Income taxes on money that is earned
  • Estate taxes on inheritances
  • Poll taxes required in order to vote; they are voluntary
  • Rooms and meals taxes, charged by local government on restaurant and hotel purchases
  • "Sin taxes" which are applied to socially disapproved products such as tobacco and alcohol
  • Pigovian taxes are applied to correct negative externalities
  • Tolls are fees paid by users of a specific piece of infrastructure, like a tollroad or toll bridge
  • Value added tax is charged to manufacturers on the increase in value from raw materials to finished product (and of course passed along to consumers of the product); it is common in Europe and not used in the U.S.
  • Excise tax is a special tax on the production or sale of some specific good or commodity. It is an inland tax, rather than a Tariff. The US federal government was run on excise taxes from various forms of alcohol until prohibition.

Most systems of taxation not only use a combination of several of these, but have many exceptions (and loopholes) from universal application - for instance, a sales tax might not apply to food or clothing.

Rates of taxation and the provision of some services can be matters of great political contention, with Tax revolts common throughout world history.

In the United States, the Democratic party generally favors higher income taxes to pay for government social programs, whereas the Republican Party generally favors smaller government and lower taxes.


Contents

Jack Spirko on Taxes

I have grown weary of the term “carbon footprint”, it drives me nuts that ever TV show, article, online video or blog post about energy independence has to use the dreaded term. So I figured today we could talk about the useful reduction of a real footprint that is to large for most of us, the dreaded tax footprint.

What is a tax footprint – how do you calculate one What taxes do we pay other than income, social security and medicare What are some of the hidden taxes we pay with out even realizing it Following a tax payer for a day, how much taxation does he create Ways to reduce your tax foot print Take ever legal deduction, create deductions Run a small business (two edges to the sword) Install alternative energy Barter when ever you can Grow your own food Buy from local growers (pay cash or barter) Brew beer, make wine, grow tobacco Drive a primary vehicle that is highly fuel efficient Camp when you travel Make sure to file homestead exemptions Buy rural land as an investment with low property tax Fight your properties assessed value Reload ammunition Cast bullets Invest in metal with small quantity cash buys Convert cash into long term assets Understand the concept of “cash flows = tax grows” Ask two questions before you spend each dollar

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