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The various economic concepts linked with the public policies and income taxes - Essay Example
Author : filomena41
Finance & Accounting
Pages 9 (2259 words)
This essay includes discussion over the various economic concepts linked with the public policies and income taxes. An investigation into the role of property taxes in capital formation, national savings and foreign investments in South Africa has been discussed…
This paper discusses that in U.S., the usage of local property taxes in financing school education has been criticized as unconstitutional, which generates inequalities in public education expenditures across states. The reason for this is as those districts that have larger property tax bases per pupil, can generate any amount of revenue from lower tax rates as compared to those districts having smaller tax bases. Therefore, it is easier for rich jurisdictions to raise revenue for public education than the poor jurisdictions. The State of Virginia finances the public schools through a combination of federal, state and local funds. Also, there is contribution of private sector through partnerships with schools and their divisions. State’s General Assembly is responsible for apportionment of state’s funds for public education, through Appropriations Act. The sources of funds are retail sales, state lottery proceeds, tax revenues and other sources. The Constitution of Virginia requires the Board of Education (BOE) to prepare SOQ (Standards of Quality) for public schools. SOQ is the minimum school educational program, the divisions must provide. The General Assembly revises SOQ, determines SOQ costs and apportions these costs between localities and state. Funding on a per pupil basis is provided through the accounts of basic aid, career and technical education, special education, English as a second language, remedial summer school, fringe benefits for funded positions and sales tax of 1.125% for public education ...
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