Chapter 10 Lesson 5 - Period 4 Ramsey Classroom Homework :)

What is a tax that is based on the market value of owned assets​?

• Wealth Tax

• Capital Gains Tax

• Inheritance Tax

• Gift Tax

What are taxes paid by anyone who owns property, such as land, a home, or commercial real estate​?

• Capital Gains Tax

• 
  Property Tax

• Inheritance Tax

• State tax

What is the difference between inheritance tax and estate tax?

• Inheritance tax is a tax that the state gives you based on the assets you received from the deceased related to you, while estate tax involves property owner rights and property transfer rights to others.

• I'm not sure I didn't pay attention.

• One deals with inheritance and gift, while the other involves estates and property and additionally taxes.

• There is no difference, both of them are closely related and encompass the same idea.

What is a tax on any asset that exceeds the yearly amount you can transfer to another person without compensation of equal value​

• Inheritance Tax

• Income tax

• Transfer tax

• Gift Tax

Who does property tax go to and what is it used for?

• Property tax goes to the state government and is used to pay the white house employees.

• It goes to the International Revenue Service (IRS) and is used to fund those who don't pay their taxes

• Property tax is payed to the government and is used to pay for schools, roads, parks, and other amenities.

• Property tax is used to pay the losses on properties inherited

True or False: Wealth Tax is a special fee payed by the wealthy based off of the worth of their liabilities

• True

• False

What is the aim of wealth tax?

• It aims to make those of a higher class wealthier and those of the lower class more in poverty.

• It helps increase investment in governmental programs and services.

• It helps create equality and decrease the gap between the poor and the wealthy.

• It helps the government increase the cost of stocks.

What are the 3 reasons for Higher Wealth Taxes​?

• Generate Revenue

• Attract Investment

• Promote Equity

• Address Social needs

Is there variability of wealth tax by state?

• Yes

• No

What are some mentioned ways of paying less tax?

• Deferring Income

• Diverting income

• Grouping

• Accelerating Income

• Taking Required Minimum Distributions