8.7 Taxes: Crash Course Economics #31

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

• Taxes are a tool to oppress civilized society.

• Taxes are what we pay for civilized society.

• Taxes are unnecessary for a civilized society.

• Taxes are a burden on civilized society.

What is the main goal of taxation?

• To burden the society with additional costs.

• To promote the well-being of society.

• To create inequality in society.

• To discourage economic growth.

What is the purpose of luxury taxes?

• To encourage the purchase of luxury items.

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

• To promote economic growth.

What is the main difference between direct and indirect taxes?

• Direct taxes are progressive, while indirect taxes are regressive.

• Direct taxes are fixed, while indirect taxes are variable.

• 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.

• Direct taxes are paid by consumers, while indirect taxes are paid by organizations.

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

• Taxation without representation

• Lack of economic opportunities

• Religious conflicts

• Foreign invasion

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

• Became merchants

• Became farmers

• Became soldiers

• Became monks

What is the main argument against a flat tax system?

• It discourages economic growth

• It is too complicated

• It is regressive

• It is not fair

What is the overall sentiment towards taxes in the vide0?

• Taxes are a burden

• Taxes are unnecessary

• Taxes are oppressive

• Taxes are beneficial for society

What is a progressive tax?

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

• A tax system in which the rate of taxation remains the same regardless of income

What are proportional taxes?

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

• Taxes levied at a lower rate for higher income individuals
• Taxes levied at a higher rate for lower income individuals