Characteristics Of A Good Taxation System

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Assignment 7 1. What are the characteristics of a good taxation system? Characteristics of a good taxation system are: -fairness or equality-for the wealthy and poor -adequacy-applied to productive sources -low costs of collection-for both government and individual -neutrality-taxation patterns must have the least negative affect of lifestyle and a positive affect on developing and goals for the people. -predictability-in the ebb and flow patterns in the economy as a whole government can predict a robust taxation because of a healthy or stable income or a recession therefore a prediction of a decline in income. 2. List and briefly describe taxes commonly used to finance public education. -Taxes commonly use to finance public education are: -Property tax-local income designated from land ownership. -Personal and Corporate Income tax-personal tax is progressive and based on an annual income. Corporate is based on the profit income of that company. -Sales tax- State produced percentage of retail goods, not including food. 3. What is a circuit breaker? A circuit breaker principle is in place as to not over burden a person with a low income. It creates a cap on the property tax with certain restrictions. 4. List three additional fund sources often employed in the education arena. -Lotteries-This is a willing taxation, although it accounts for less than 2% of funding in most states (Brimley, p. 132, 2012). -Private Foundations-this can provide tax benefits for a the private
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