UT - Advantages and Disadvantages of Taxes Lesson

Advantages and Disadvantages of Taxes

What is Taxed and Why?

Most federal revenue comes from income taxes. State and local revenue comes from  transaction taxes,  income taxes, and  property taxes. The type and amount of tax varies from state to state and between local communities.

Sales taxes are the most common kind of transaction taxes. Taxes withheld from a paycheck include income taxes. Homeowners pay property tax, but renters may contribute to their landlord's property tax with each rental payment.

 

Ever wonder how the government gets all of that money (revenues/incomes)? Or where it all goes (outlays)? The pie charts below show the relative sizes of the major categories of the federal income and outlays for the 2022 fiscal year.

 

 

Income Taxes in the U.S. Interactive

Learn more in the activity below.

 

 

Income Taxes Vocabulary Self-Assessment

Review what you've learned in the activity below.

 

 

Tax Systems Classifications Self-Assessment

Review what you've learned in the activity below. 

 

 

IMAGE SOURCE: U.S. DEPARTMENT OF TREASURY