5 The largest source of government revenues is ________. Select one: a. personal income taxes b. Social Security taxes c. corporate income taxes
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5
The largest source of government revenues is ________.
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- 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 government1. A tax imposed for the general purposes of the government to raise revenue for the local area needs. A. National B. Municipal C. Community D. Local5
- 9. Make a graph showing the spending and tax revenue of your state government for as many years as you can find (use the government of your home country if you are not from the United States). What trends do you notice? What spending categories make up the largest share of the state budget? What are the largest sources of revenue? e5. Calculating tax incidence Suppose that the U.S. government decides to charge cola consumers a tax. Before the tax, 50 billion cases of cola were sold every year at a price of $6 per case. After the tax, 45 billion cases of cola are sold every year; consumers pay $8 per case (including the tax), and producers receive $5 per case. The amount of the tax on a case of cola is $ the burden that falls on producers is $ True or False: The effect of the tax on the quantity sold would have been the same as if the tax had been levied on producers. True per case. Of this amount, the burden that falls on consumers is $ per case. False per case, andxation) 12 11 20 9. 1. 1 6. S 4 3- 2- Figure 8-22 90 300 130 120 Refer to Figure 8-22. Suppose the government changed the per-unit tax from $3.00 to $4.50. Compared to the original tax rate, this higher tax rate would a. increase tax revenue and increase the deadweight loss from the tax. b. increase tax revenue and decrease the deadweight loss from the tax. c. decrease tax revenue and increase the deadweight loss from the tax d. decrease tax revenue and decrease the deadweight loss from the tax.
- Tax Bracket : 0-$20,000 = 10% $20,001-$60,000 = 15% $60,001-$100,000 = 35% _______________________________ Jessica makes $25,000. How much tax does she pay? A. $3,000 B. $3,750 C. $2,750 D. $1,2001. What is the relative importance of taxation to the economy of the country? Give at least three and discuss each clearly. 2. Once a government makes "sin taxes" a significant part of its revenue stream, it has an incentive to keep people smoking and drinking. If everyone quits smoking, the government does not get any cigarette tax revenue. Is it really a good idea to fund public services on the back of citizens' addictions?5. Explain the difference between an excise, corporate, payroll, & income tax rates. (a) Suppose that Leia lives on Alderaan. On the planet of Alderaan, income is taxed in a progressive manner. Thus, the first $10,000 of income is taxed at a rate of 5%. Any income earned above $10,000 is taxed at a rate of 20%. Suppose that Leia earns $55,000 in 2019. What is Leia's average tax rate? What is Leia's marginal tax rate?
- 1-Consider the three following households: Household A with an income of 12000$ Household B with an income of 15000$ Household C with an income of 30000$ The income tax in the country X is proportional and equals 2% The income tax in the country Y is as follows: The households who are paid under 15000$ would pay a tax of 10% and those above 15000% would pay a tax of 20% The income tax in the country Z is regressive. Households A, B and C would pay 10% or 20% or 30%. Calculate the income tax for the three households in each country.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.How does tax improve one's health and what are the long term benefit to the economy? Note: don't use chat gpt