Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Do you think using we should use
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Step 1
Tax is the money payable to the government according to the tax laws. Income tax is levied as a percentage, on income earned in excess of specified threshold.
Step 2
Levying of taxes is generally opposed due to lack of transparency in government spending and corruption. Also, taxes are opposed since there are alternate ways of redistribution such as charity and trusts where people can voluntarily submit their excess income or spend their income by doing charitable activities by themselves.
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