3.1 Examine two (2) key points that should be considered with respect to a government’sparticipation in its economy. 3.2 Explain how one can differentiate between horizontal equity and vertical equity in taxsystems?
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3.1 Examine two (2) key points that should be considered with respect to a government’s
participation in its economy.
3.2 Explain how one can differentiate between horizontal equity and vertical equity in tax
systems?
Step by step
Solved in 2 steps
- 31) What are vertical equity and horizontal equity associated with? the benefits principle of taxation b. the ability-to-pay principle of taxation taxes that have no deadweight losses d. falling marginal tax rates a. C.True or False: A progressive tax system is one in which the average tax rate increases as income increases. Don't use Ai10
- How does the typical state budget process work, and what are the various actors involved in that process? What are the main characteristics of a sustainable budget? What are the main sources of revenues for states and local governments? Is it possible to balance the demands for government services with existing revenue sources? What have been the various approaches advocated to reform budgeting processes at the state and local levels? What are the five key areas of future state and local budget needs? Which one do you think is the most critical and why? Explain. assignment #10 be sure to cite your source(s) using APA Stylea. Define horizontal and vertical equity. b. Using information from the table below, calculate the average tax rate for the following income levels: $20,000, $50,000 and $100,000 for the tax systems of Alberta, Saskatchewan and Manitoba. Alberta Saskatchewan Manitoba Amount of Tax Amount of Tax Amount of Tax $20,000 $5,000 $6,000 $4,000 $50,000 $12,500 $12,500 $12,500 $100,000 $25,000 $20,000 $30,000 (You may copy this table into your response box below.) Alberta Saskatchewan Manitoba Average Tax Rate Average Tax Rate Average Tax Rate $20,000 $50,000 $100,000 c. For each of the provinces, identify whether the tax system is progressive, proportional or regressive? d. Which is more relevant for judging the vertical equity of a tax system, the average or marginal tax rate?Multiple choice 1. Taxation is NOT: a. A contribution for the support of a government required of persons, groups, or businesses within the domain of that government b. A means by which governments finance their expenditure by imposing charges on citizens and corporate entities c. An act by which the sovereign, through its lawmaking body, raises income to defray the necessary expenses d. The process by which the sovereign through its law-making body, imposes burdens upon subjects or objects within its jurisdiction for the purpose of raising revenues to carry out the legitimate objects of the government
- 40. The most efficient tax system has a broad tax base and a low tax rate. A) True B) False 41. Making the income tax more progressive by adding more tax brackets potentially can result in A) stronger economic growth B) a more "equitable" tax C) no effect on equity or economic growth D) slower economic growth 42. The Atlanta city council decides to double taxes on small business in the downtown area to raise more tax revenue to fund more social programs. From an economic growth perspective, why is this a misguided economic policy? A) it is not a bad policy; doubling taxes will automatically double tax revenue B) excessive taxes on business can result in reduced jobs, incomes and business creation because business simply moves to a new government jurisdiction. C) it is not a bad policy; raising taxes will double tax revenue, raise income levels, and encourage business creation. D) excessive taxes will provide more social benefits, so business will tolerate unusually high taxes and stay…4. Why do government entities impose taxes and how is the type of taxation chosen (e.g., excise v. income v. sales taxes)?A $1,000 tax paid by a poor person may be a larger sacrifice than a $2,000 tax paid by a wealthy person" is an argument in favor of OA) the horizontal equity principle. B) the ability-to-pay principle. a regressive tax argument. D) the benefits-received principle. D