Project #95825 - Tax Debate Worksheet (Economics)

Tax Debate Worksheet

 

Career Name: Research Scientist Yearly Income: $90,000

Flat Tax

Some Americans are supporting switching to a flat income tax rate of 15%. How much would you pay under this plan?

(Your Income) X 15% (or .15) = _______________

Calculator Tip: To multiply by a percentage, you can use your calculator in two ways. You can use the percent symbol key or you can enter the percentage as a decimal. To change a percentage to a decimal, move the decimal point two digit places to the left. Example: 20% becomes 0.20

 

Regressive Tax Plan

 

Mark “X” next to the row that matches your yearly income.

Proposed Regressive Plan

Calculate your tax. For example, $10,000x40%=$4,000 in tax.

 

40% on income up to $25,000

 

 

30% on income between $25,000 and $34,000

 

 

25% on income between $34,000 and $44,000

 

 

20% on income between $44,000 and $80,000

 

 

10% on taxable income over $80,000

 

TOTAL

 

 

 

Progressive Tax Plan

 

Mark “X” next to the row that matches your yearly income.

Proposed Regressive Plan

Calculate your tax. For example, $10,000x10%=$1,000 in tax.

 

10% on income up to $25,000

 

 

20% on income between $25,000 and $34,000

 

 

25% on income between $34,000 and $44,000

 

 

30% on income between $44,000 and $80,000

 

 

40% on taxable income over $80,000

 

TOTAL

 

 

 

Reflection

 

Reflection Questions

Your Responses

Is federal income tax a direct or indirect tax? Explain your response.

                                                                                    

What are the main differences between the flat, regressive, and progressive tax plans?

 

Under which plan would you pay the most in taxes? Under which plan would you pay the least in taxes?

 

Which tax system would benefit you the most? Explain your response and refer to your specific career.

 

Do you think the plan that benefits you most is the most fair for everyone? Explain your response.

 

Imagine you marry and your spouse earns $50,000 per year. You will be filing your taxes together. Does this change your opinion of the proposed tax plans? Explain your response.

 

 

Subject Business
Due By (Pacific Time) 11/24/2015 04:00 pm
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