Revenue $ $ By: Teddy, Daleng, Nate, and Chia.
Limitations • Constitution Restricts • Placing taxes on goods imported or exported • Stated cannot tax the federal government • States cannot place taxes that violate equal protection • (ie. Race, religion, or nationality)
State Tax Types • Sales Tax • Taxes on daily essentials • Income Tax • Taxes on income based on amount paid • Severance Tax • Taxes on natural resources that are removed from the earth (ie. Oil or Gas) • Property Tax • Taxes on real property(land or buildings) or personal property • Personal property is tangible or intangible • Tangible is property that can be felt or touched (Not cash) • Intangible is things like bank accounts, spook, and etc.
Other Sources of Revenue • Borrowing Funds • For large projects (ie. Highways, bridges, public buildings) • State-Run Lotteries • Brings in billion of dollars a year • Federal Grants • Significant portion of state and local revenue