ECON 2305 1st Edition Lecture 22 Outline of Last Lecture I Federal Reserve Banking Outline of Current Lecture I Tax System Current Lecture Progressive Tax Higher income higher tax rate Personal Income Tax Corporate Income Tax Flat Proportional Tax 11 during Regan s time 1984 Regressive Higher income lower tax rate Sales Tax Excise Tax Federal Income Tax Progressive Risen from 10 to 39 6 Largest source of federal revenue Tool of fiscal policy Complex Social Security Tax Also called payroll tax FICA of 1935 Matching program Flat Regressive Up to 6 2 Pay as you go program Also referred to as the Ponzi program Social Security Issues Baby Boomers 1946 64 Fewer people paying These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Life Expectancy increased 1900 46 48 1935 60 64 1981 70 78 2010 76 81
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