Chapter 18: Introduction to Taxation. This lecture discusses a few institutional and theoretical issues for understanding tax policy. Overview of the types of taxation that exist in the U.S. at different governmental levels. Federal income tax. Structure of the income tax. Figure 1.
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The federal government relies heavily on the individual income tax and the payroll tax.
State and local governments rely more heavily on sales taxes and property taxes.
Other countries are more dependent on consumption taxes than the United States.
Marginal tax rates rise with taxable income, with a current maximum rate of 35%.
Be clear: even a taxpayers with TI of $400,000 pays
10% on her first $14,300, 15% on the next $43,800, etc.