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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
- Explain why the government might prefer to provide incentives to private firms to do investment or research and development, rather than simply doing the spending itself?What is the difference between a progressive tax, a proportional tax, and a regressive tax?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?
- True or False: A progressive tax system is one in which the average tax rate increases as income increases. Don't use Ai10How 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 Style
- 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. D2. How should different types of spending be shared between different levels of government?Table 12-12United States Income Tax Rates for a Single Individual, 2009 and 2010. 2009 Tax Rates Income Ranges 2010 Tax Rates Income Ranges 15% $0 – $28,000 10% $0 – $10,000 28% $28,000 – $70,000 15% $10,000 – $30,000 31% $70,000 – $140,000 27% $30,000 – $60,000 36% $140,000 – $300,000 30% $60,000 – $150,000 40% over $300,000 35% $150,000 – $320,000 38% over $320,000 Refer to Table 12-12. Kurt is a single person whose taxable income is $35,000 a year. What is his marginal tax rate in 2010? Group of answer choices 10% 15% 27% 30%
- ANSWER ALL 15 CORRECTLY SINCE YOU'RE JUST WRITING TRUE OR FALSE FOR EACH, THANKS Indicate True or False for all: 1. Under proportional taxation, as a person’s taxable income increases, the percentage of income paid in taxes increases. 2. With progressive taxation, a smaller percentage of taxable income is taken in taxes as taxable income increases. 3. For State and Local governments, key taxes are individual income taxes, corporate income taxes, Social Security taxes, and excise taxes on items such as gasoline and alcoholic beverages. 4. Only U.S. citizens who earn income in the United States are required to pay federal income taxes on all taxable income, including income earned abroad. 5. Corporate tax is the main source of government tax receipts. 6. The difference between the purchase price and sale price of an asset, such as a share of stock or a plot of land, is called a capital gain if it is a profit. 7. Tax brackets for the purposes of calculating marginal tax rates each year…Explain the 3 features of ideal fiscal policy?Suppose the government implemented a negative income tax and used the following formula to compute a family's tax liability: Taxes owed = (1/4 of income) - $12,000 %3D A family earning $48,000 before taxes would have how much after-tax income? Select one: a. $48,000 b. $12,000 C. $0 d. $32,000