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Part of creating a budget involves anticipating earnings that will be needed for taxes. There are
many types of taxes such as indirect, direct, proportional, regressive, and progressive. The
United States has a progressive income tax. Employers withhold a portion of your earnings to
pay this income tax. Each year, Americans fill out tax returns to report their income to the IRS and
may receive a refund or have to pay money to fulfill their obligation. There are many resources to
aid in this process. Not all people agree with the progressive tax system and some argue for
different methods of tax collection.
Eemy Pearson
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Assessment Introduction
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Do you have that calculator? Now that you know the basics about taxes, you will compare the
effects of different tax systems on a specific career path. Imagine you are a working American
who has completed your education. Some members of Congress have proposed changes to the
U. S. federal income tax system. They are debating which type would be most fair and best for
the country
Three plans have been suggested--a 15% flat income tax a simplified progressive plan and a
simple regressive plan. The simplified progressive plan would remove marginal tax rates and
deductions. It would be one set rate based on total income. Everyone wants your opinion, so you
decide to see how each plan would affect you before you select one to support Spin the wheel to
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