- Given the list of government programs, determine which the priorities that you believe should be...

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- Given the list of government programs, determine which the priorities that you believe should be a priority of government spending. (1- Highest Priority, 8- Lowest Priority) Ranking Government Program Social Security- Gives cash transfers to the elderly and living expenses to the disabled. Unemployment- Provides cash transfers to eligible workers that have lost their jobs. Workers must show weekly effort to get a job to receive benefits. Medicaid- Provides health-care assistance to the poor. Medicare-Provides health-care assistance to the elderly. Temporary Assistance for Needy Families (TANF)- Provides financial assistance and work opportunities to needy families; administered through various state programs. (Bridge cards, reduced cost housing) Public Education Military and Defense Research and Development (Science, Medicine, Technology) 1.What program did you pick for your first priority? Why did you choose this program as your first priority? 2.If you could create your own government program that provides goods and services to citizens, what kind of program would you create? Section 2: Taxes Types of Taxes: Regressive: Takes a larger share of income from low income taxpayers than from high income taxpayers. (Example- if an individual buys a new appliance and pays $40 in sales tax, this $40 tax affect someone with a lower income more than one with a higher income) Progressive: Takes a larger share of the income of high-income taxpayers than of low-income taxpayers. Proportional: Takes the same percentage or amount from both high and low income taxpayers (Example-Michigan income tax - all are taxed on their income at the same percentage) 1.If you could choose a type of tax, that would be for all taxes, what tax type would you choose? Why? Kinds of Taxes income tax: a tax paid to the government on net personal or business income capital gains tax: a tax on the profits from selling an asset property tax: tax assessed on real estate consumption tax: a tax on the purchase of goods and services sales tax: a tax on the sale of retail goods and services excise tax: a tax on the sale or use of a specific product or transaction sin tax: a tax on a good, service, or activity that is considered physically or morally damaging or detrimental luxury tax: a tax paid on expensive goods and services considered to be nonessential payroll tax: a tax an employer pays on behalf of an employee based on the employee's wage or salary + 2. Which tax do you think should be taxed at the highest rate? Explain. - Given the list of government programs, determine which the priorities that you believe should be a priority of government spending. (1- Highest Priority, 8- Lowest Priority) Ranking Government Program Social Security- Gives cash transfers to the elderly and living expenses to the disabled. Unemployment- Provides cash transfers to eligible workers that have lost their jobs. Workers must show weekly effort to get a job to receive benefits. Medicaid- Provides health-care assistance to the poor. Medicare-Provides health-care assistance to the elderly. Temporary Assistance for Needy Families (TANF)- Provides financial assistance and work opportunities to needy families; administered through various state programs. (Bridge cards, reduced cost housing) Public Education Military and Defense Research and Development (Science, Medicine, Technology) 1.What program did you pick for your first priority? Why did you choose this program as your first priority? 2.If you could create your own government program that provides goods and services to citizens, what kind of program would you create? Section 2: Taxes Types of Taxes: Regressive: Takes a larger share of income from low income taxpayers than from high income taxpayers. (Example- if an individual buys a new appliance and pays $40 in sales tax, this $40 tax affect someone with a lower income more than one with a higher income) Progressive: Takes a larger share of the income of high-income taxpayers than of low-income taxpayers. Proportional: Takes the same percentage or amount from both high and low income taxpayers (Example-Michigan income tax - all are taxed on their income at the same percentage) 1.If you could choose a type of tax, that would be for all taxes, what tax type would you choose? Why? Kinds of Taxes income tax: a tax paid to the government on net personal or business income capital gains tax: a tax on the profits from selling an asset property tax: tax assessed on real estate consumption tax: a tax on the purchase of goods and services sales tax: a tax on the sale of retail goods and services excise tax: a tax on the sale or use of a specific product or transaction sin tax: a tax on a good, service, or activity that is considered physically or morally damaging or detrimental luxury tax: a tax paid on expensive goods and services considered to be nonessential payroll tax: a tax an employer pays on behalf of an employee based on the employee's wage or salary + 2. Which tax do you think should be taxed at the highest rate? Explain.