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Stepping Off Tax Incidence

The document outlines the number of steps taken for different taxes based on three income levels. For those earning less than $29,000, the total tax is 77 steps after receiving credits. Those earning $53,000 to $81,000 take a net of 65 steps. For incomes over $126,000, the total tax is 62 steps after paying income tax and receiving a property tax cut.

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25 views3 pages

Stepping Off Tax Incidence

The document outlines the number of steps taken for different taxes based on three income levels. For those earning less than $29,000, the total tax is 77 steps after receiving credits. Those earning $53,000 to $81,000 take a net of 65 steps. For incomes over $126,000, the total tax is 62 steps after paying income tax and receiving a property tax cut.

Uploaded by

bee5834
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Your income is less than $29,000 Gasoline tax: take 8 steps forward Motor vehicle sales tax: take

6 steps forward Franchise tax: take 5 steps forward Property taxes: take 53 steps forward Sales taxes: take 60 steps forward Total so far = 132 steps Income tax: TURN AROUND and take 7 steps (earned income tax credit), plus 48 more steps for property tax cuts Your net tax: 77 steps

Your income is between $53,000 and $81,000 Gasoline tax: take 4 steps forward Motor vehicle sales tax: take 4 steps forward Franchise tax: take 5 steps forward Property taxes: take 24 steps forward Sales taxes: take 29 steps forward Total so far = 66 steps Income tax: take 21 steps forward, then turn around and take 22 steps for property tax cuts Your net tax: 65 steps

Your income is more than $126,000 Gasoline tax: take 1 steps forward Motor vehicle sales tax: take 2 steps forward Franchise tax: take 3 steps forward Property taxes: take 16 steps forward Sales taxes: take 13 steps forward Total so far = 35 steps Income tax: take 41 steps forward, then turn around and take 14 steps for property tax cuts Your net tax: 62 steps

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