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Explain the reason why Albert Einstein said, "The hardest thing to understand in the world is the income tax."
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- Question 39 Please refer to the description of a tax on a market, represented by the graphic What is the price that the seller receives (net of tax) after the tax is imposed?Economics "In South Africa, the tax on insulin is between 10 and 20 percent. If you are rich and living in South Africa, this is not a problem, but if you are poor, then insulin becomes something that you cannot afford." Why do buyers care so much about a tax on insulin, a vital daily medicine for those with diabetes? a. Because the tax incidence is equal between the buyers and sellers b. Because buyers pay virtually the entire tax on insulin because the demand is almost perfectly inelastic c. Because more insulin can be provided to those in need d. Because sellers increase their profit when there is a taxHow would I calculate the government revenue with a tax of $40 using this graph?
- Question: 2The government is interested in imposing a tax to generate revenue X. It is considering whether they should tax the consumer’s income or impose a tax on a commodity y. What should the government do if they do NOT care about consumer welfare? Use three graphs to illustrate your answer and explain those graphs in your answer.What is the importance of taxationWhich of the following is an example of an exemption? A. people paying less on their taxes because they take care of childrenB. profits earned after costs are subtracted from total earningsC. amount of money used to pay for maintaining national parksD. money paid by corporations
- Can you explain what happens when a tax is imposed on the buyer of a product and also what would happen if a tax is imposed on the seller? 1.1 For many years, South Africa's finance minister has raised the tax on the sale of cigarettes. Using the diagram below, explain whether the burden of the tax Is falling on the buyer or the seller. Price (rands per pack) 30 18 16 20 12 NO 00 10 0 Price paid by buyers Price with no tax Price received by sellers 5+ tax on sellers R6,00 tax 275 300 325 350 375 400 425 450 Quantity (millions of packs per year)What is the formula/ way to include tax into these equations. I’m not sure how to graph
