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Sources of Revenue
Power Point Lesson on Funding Sources of Revenue for Public Education
Question | Answer |
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Sales Tax | a tax, usually paid by the consumer at the point of purchase, itemized separately from the base price, for certain goods and services. The tax amount is usually calculated by applying a percentage rate to the taxable price of a sale |
Use Tax | a type of excise tax levied in the United States. Assessed upon "tax free" tangible personal property purchased by a resident of the assessing state for use,consumption of goods in that state (not for resale), regardless of where the purchase took place. |
Cigarette Tax | A tax applied to a specific product used by consumers. (Frquently referred as a "sin" tax) |
Liquor Tax | A tax applied to a specific product used by consumers. (Frquently referred as a "sin" tax) |
Real Estate Transfer Tax | a tax on the sale, granting, and transfer of real property or an interest in real property. |
State Education Tax | property be assessed at 6 mills as part of summer property taxes |
State Personal Income | an individual’s total earnings from wages, investment interest, and other sources. |
State Casino Gaming Tax | A wagering tax is imposed on the adjusted gross receipts received by the licensee from gaming authorized under this act at the rate of 18% |
State Lottery Profits | Profits garnered from public lotteries |
Taxes on Certain Properties | A tax upon commercial forests, tech park facilities, enterprise zones, mobile home trailer coaches |