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1、12,The Design of the Tax System,“In this world nothing is certain but death and taxes.” . . . Benjamin Franklin,Taxes paid in Ben Franklins time accounted for 5 percent of the average Americans income.,1789,“In this world nothing is certain but death and taxes.” . . . Benjamin Franklin,1789,Today, t
2、axes account for up to a third of the average Americans income.,Figure 1 Government Revenue as a Percentage of GDP,Copyright 2004 South-Western,0,5,10,15,20,25,30,35,Revenue as,Percent of,GDP,1902,1922,1927,1913,1940,1932,1970,1980,1990,2000,1950,1960,Table 1 Central Government Tax Revenue as a Perc
3、ent of GDP,Copyright2004 South-Western,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.,The Federal Government,Individual Income Taxe
4、sThe 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.,The Federal Government,The Federal Government and Taxes Payroll Taxes: tax on the wages that a firm pays its workers.Social Insurance Taxes: tax
5、es on wages that is earmarked to pay for Social Security and Medicare.Excise Taxes: taxes on specific goods like gasoline, cigarettes, and alcoholic beverages.,Table 2 Receipts of the Federal Government: 2001,Copyright2004 South-Western,Receipts of the Federal Government.,The Federal Government,Fede
6、ral Government SpendingGovernment 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 governments expenditures.,The Federal Government,Federal
7、 Government SpendingExpense Category:Social SecurityNational DefenseIncome Security Net InterestMedicareHealthOther,The Federal Government,Budget SurplusA budget surplus is an excess of government receipts over government spending.Budget DeficitA budget deficit is an excess of government spending ov
8、er government receipts.,Table 4 Spending of the Federal Government: 2001,Copyright2004 South-Western,Federal Government Spending: 2001,The Federal Government,Financial Conditions of the Federal BudgetA budget deficit occurs when there is an excess of government spending over government receipts.Gove
9、rnment finances the deficit by borrowing from the public.A budget surplus occurs when government receipts are greater than government spending.A budget surplus may be used to reduce the governments outstanding debts.,State and Local Governments,State and local governments collect about 40 percent of
10、 taxes paid.,State and Local Government,ReceiptsSales TaxesProperty TaxesIndividual Income TaxesCorporate Income TaxesFederal governmentOther,Taxes,$,Table 5 Receipts of State and Local Governments: 1999,Copyright2004 South-Western,State and Local Government,SpendingEducationPublic WelfareHighwaysOt
11、her,Table 6 Spending of State and Local Governments: 1999,Copyright2004 South-Western,TAXES AND EFFICIENCY,Policymakers have two objectives in designing a tax system.Efficiency Equity,TAXES AND EFFICIENCY,One tax system is more efficient than another if it raises the same amount of revenue at a smal
12、ler cost to taxpayers. An efficient tax system is one that imposes small deadweight losses and small administrative burdens.,TAXES AND EFFICIENCY,The Cost of Taxes to TaxpayersThe tax payment itselfDeadweight lossesAdministrative burdens,Deadweight Losses,Because taxes distort incentives, they entai
13、l deadweight losses.The deadweight loss of a tax is the reduction of the economic well-being of taxpayers in excess of the amount of revenue raised by the government.,Administrative Burdens,Complying with tax laws creates additional deadweight losses. Taxpayers lose additional time and money documen
14、ting, computing, and avoiding taxes over and above the actual taxes they pay.The administrative burden of any tax system is part of the inefficiency it creates.,Marginal Tax Rates versus Average Tax Rates,The average tax rate is total taxes paid divided by total income.The marginal tax rate is the e
15、xtra taxes paid on an additional dollar of income.,Lump-Sum Taxes,A lump-sum tax is a tax that is the same amount for every person, regardless of earnings or any actions that the person might take.,TAXES AND EQUITY,How should the burden of taxes be divided among the population?How do we evaluate whe
16、ther a tax system is fair?,TAXES AND EQUITY,Principles of TaxationBenefits principleAbility-to-pay principle,$,Benefits Principle,The benefits principle is the idea that people should pay taxes based on the benefits they receive from government services.An example is a gasoline tax:Tax revenues from a gasoline tax are used to finance our highway system.People who drive the most also pay the most toward maintaining roads.,
