Explore how tax structures affect consumers, producers, and business owners differently.
DefinitionExploration should include comparing tax structures (e.g., progressive, regressive, flat tax) and the effects of the different structures on consumers, producers, and business owners.
Related Standards of Learning
History and Social Science
The student will demonstrate skills for historical thinking, geographical analysis, economic decision making, and responsible citizenship by
- planning inquiries by synthesizing information from diverse primary and secondary sources;
- analyzing how political and economic trends influence public policy, using demographic information and other data sources;
- comparing and contrasting historical, cultural, economic, and political perspectives;
- evaluating critically the quality, accuracy, and validity of information to determine misconceptions, fact and opinion, and bias;
- constructing informed, analytic arguments using evidence from multiple sources to introduce and support substantive and significant claims;
- explaining how cause-and-effect relationships impact political and economic events;
- taking knowledgeable, constructive action, individually and collaboratively, to address school, community, local, state, national, and global issues;
- using a decision-making model to analyze the costs and benefits of a specific choice, considering incentives and possible consequences;
- applying civic virtues and democratic principles to make collaborative decisions; and
- communicating conclusions orally and in writing to a wide range of audiences, using evidence from multiple sources and citing specific sources.
Other Related Standards
Economics and Personal Finance Standards of Learning
The student will demonstrate knowledge of the role of government in a market economy by
- identifying goods and services provided by government to benefit society;
- identifying the role the government plays in providing a legal structure to protect property rights and enforce contracts;
- providing examples of government regulation of the market;
- explaining that governments redistribute wealth; and
- explaining that taxes and fees fund all government-provided goods and services.
The student will demonstrate knowledge of taxes by
- describing the types and purposes of local, state, and federal taxes and the way each is levied and used;
- exploring how tax structures affect consumers, producers, and business owners differently;
- computing local taxes on products and services;
- examining potential tax deductions and credits on a tax return;
- explaining the content and purpose of a standard W-2 form; and
- explaining the similarities and differences between state and federal taxation of inheritances.