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Ten Principles of Economics - Part 25

Ten Principles of Economics - Part 25. Economics is the study of how society manages its scarce resources. In most societies, resources are allocated not by a single central planner but through the combined actions of millions of households and firms. Economists therefore study how people make decisions: how much they work, what they buy, how much they save, and how they invest their savings. Economists also study how people interact with one another. | CHAPTER 12 THE DESIGN OF THE TAX SYSTEM 249 Table 12-5 Tax Amount in billions Amount per Person Percent of of Receipts Sales taxes 249 940 20 Property taxes 209 789 17 Individual income taxes 147 554 12 Corporate income taxes 32 121 3 From federal government 235 887 19 Other 351 1 324 29 Total 1 223 4 615 100 Receipts of State and Local Governments 1996 Source Economic Report of the President 1999 table B-86. storekeeper an extra amount that the storekeeper remits to the government. Some states exclude certain items that are considered necessities such as food and clothing. Property taxes are levied as a percentage of the estimated value of land and structures and are paid by property owners. Together these two taxes make up more than a third of all receipts of state and local governments. State and local governments also levy individual and corporate income taxes. In many cases state and local income taxes are similar to federal income taxes. In other cases they are quite different. For example some states tax income from wages less heavily than income earned in the form of interest and dividends. Some states do not tax income at all. State and local governments also receive substantial funds from the federal government. To some extent the federal government s policy of sharing its revenue with state governments redistributes funds from high-income states who pay more taxes to low-income states who receive more benefits . Often these funds are tied to specific programs that the federal government wants to subsidize. Finally state and local governments receive much of their receipts from various sources included in the other category in Table 12-5. These include fees for fishing and hunting licenses tolls from roads and bridges and fares for public buses and subways. Spending Table 12-6 shows the total spending of state and local governments in 1996 and its breakdown among the major categories. By far the biggest single expenditure for state and local governments .