8.7 Taxes: Crash Course Economics #31

Front

What did U.S. Supreme Court Justice Oliver Wendell Holmes say about taxes?

Back

Taxes are what we pay for civilized society.

Front

What is the main goal of taxation?

Back

To promote the well-being of society.

Front

What is the purpose of luxury taxes?

Back

to redistribute wealth in a society from people who have more to people who have less.

Front

What is the main difference between direct and indirect taxes?

Back

Direct taxes are paid by a person or organization to the government body that imposes the taxes. Indirect taxes are collected by a seller or producer of goods, but they're actually paid by consumers.

Front

What was one of the main causes of the American Revolution?

Back

Taxation without representation

Front

What did some European men do during the Middle Ages to avoid taxes?

Back

Became monks

Front

What is the main argument against a flat tax system?

Back

It is regressive

Front

What is the overall sentiment towards taxes in the video?

Back

Taxes are beneficial for society

Front

What is a progressive tax?

Back

A tax system in which the rate of taxation increases as income increases (those who make more money pay more taxes)

Front

What are proportional taxes?

Back

Taxes levied at a consistent percentage, regardless of the taxpayer's income