A new elected government want to reform its tax system. As an economist you are hired to advise the government how to design a better tax system. Give your recommendation on factors that government need to consider if they want to implement the better tax system. Add specific example or case for each factor you recommend to government

Q: Tax incidence is the division of the burden of a tax between the A. society; seller B. buyer; seller…

A: Tax is a compulsory payment made by the individual, or company to the government as revenue to carry…

Q: Suppose you earned $60,000 per year and pay taxes based on marginal tax rates. The first tax bracket…

A: To calculate the total taxes paid, we need to determine the amount of income that falls into each…

Q: The personal income and payroll taxes are already too high. I think business should share A larger…

A: Big firms or corporates are powerful players in the market that tends to affect the market prices in…

Q: o economic theory, which of the following is NOT a feature of an ideal tax system? Multiple Choice…

A: In economics, the Ideal Tax system is a system that complete the criteria of increasing state…

Q: How do governments use spending and taxation to reduce inequality and poverty in an economy?

A: Being in poverty is the condition of not having enough money or material belongings for oneself or…

Q: The government raises taxes on cigarettes from $1 per to $2 per pack. Prior to the tax increase, 5…

A: (a) Before increase in tax, the tax rate was t0 = $1 and quantity sold was q0 = 5 million packs The…

Q: In a modern, industrial society, the tax system is derived from several disciplines. Identify the…

A: In the complex web of modern industrial societies like the United States, the tax system is…

Q: Increasing the current tax rate is likely to: decrease the competitiveness of the state…

A: Tax rate: It refers to the proportion at which a business or individual is burdened. A few…

Q: Social Security and Medicare taxes are the Payroll Tax.    True

A: The Social Security and Medicare taxes are the Payroll Tax.

Q: Explain in your own words how you believe the Jamaican Government could use taxation to create…

A: The Caribbean economies relies heavily on key sectors such as travel and tourism, international…

Q: why is the tax rate 6?

A: A pigouvian tax will be optimal when it is set equal to marginal social pollution cost at the…

Q: An example of direct taxes are property taxes. True False

A: Property taxes are a type of direct tax. Direct taxes are taxes that are levied on individuals or…

Q: Write an essay about:

A: ANSWER STEP-1 Companies and employees in urban center fancy a number of very cheap taxes within the…

Q: Which of the following is NOT a reason that governments impose taxes? To finance government spending…

A: Taxation is the process by which governments collect money from individuals and entities within a…

Q: If a tax of $0.90 is imposed, what is the tax revenue?

A:

Q: Name three types of taxes and analyze the deadweight loss of each.

A: Tax is cash that must be paid to the state by individuals. Tax payments were intended to provide for…

Q: Suppose you earn $40,000 per year and pay taxes based on marginal taxX rates. The first tax bracket,…

A: Income tax is that type of tax which is imposed by government on the income of individuals &…

Q: Income Amount of tax 10,000 1,000 50,000 10,000 100,000.…

A: 1)10% 2)50% 3)30%

Q: With a progressive tax, those with income tend to pay a

A: A Tax System in which there is an increase in the tax rate as the taxable income increases is known…

Q: Describe Progressive taxation. And Regressive taxation

A: Taxation is the process by which a government or other authority collects money from individuals and…

Q: If the state government would like to increase tax revenue, please give three examples of…

A: In order to comprehend the burden and incidence of taxes, two key concepts are elasticity and taxes.…

Q: Government collects the largest percentage of its revenue in which of the following ways?

A: Taxes refer to the monetary payment made to the government of a nation on the purchase or sale of…