Understanding Taxes

What are sales taxes?

• Taxes on what you buy

• Taxes on what you earn

• Taxes on what you own

• Taxes on property

Which services are funded by sales taxes?

• Education, transportation, and health care

• Parks, public safety services, and schools

• Education, parks, and public safety services

• Transportation, health care, and schools

What are income taxes?

• Taxes on what you buy

• Taxes on what you earn

• Taxes on what you own

• Taxes on property

Where do income taxes provide revenue?

• Federal government, state governments, and local governments

• State governments, local governments, and businesses

• Federal government, local governments, and businesses

• Federal government, state governments, and businesses

What are property taxes?

• Taxes on what you buy

• Taxes on what you earn

• Taxes on what you own

• Taxes on property

What do property taxes fund?

• Education, transportation, and health care

• Parks, public safety services, and schools

• Education, parks, and public safety services

• Transportation, health care, and schools

What is an asset?

• Anything that can be used to produce positive economic value

• Future sacrifices of economic benefits

• Ownership interest in property

• Consumption and saving opportunity

What is a liability?

• Anything that can be used to produce positive economic value

• Future sacrifices of economic benefits

• Ownership interest in property

• Consumption and saving opportunity

What is capital?

• Anything that can be used to produce positive economic value

• Future sacrifices of economic benefits

• Ownership interest in property

• Consumption and saving opportunity

What is equity?

• Anything that can be used to produce positive economic value

• Future sacrifices of economic benefits

• Ownership interest in property

• Consumption and saving opportunity