Introduced by the Makabayan Bloc on 20 September 2021, House Bill No. 10253 or the Super Rich Tax Act of 2021 proposes tax of 1% on individuals whose taxable assets are above P1 billion, 2% for P2 billion, and 3% for P3 billion and above. Which of the following statements is true? This proposed tax legislation unduly discriminates the rich. This proposed tax legislation should be passed by an absolute majority of the Congress. This proposed tax legislation is in line with the progressivity principle of taxation. O This proposed tax legislation violates the equal protection clause.

Introduced by the Makabayan Bloc on 20 September 2021, House Bill No. 10253 or the Super Rich Tax Act of 2021 proposes tax of 1% on individuals whose taxable assets are above P1 billion, 2% for P2 billion, and 3% for P3 billion and above. Which of the following statements is true? This proposed tax legislation unduly discriminates the rich. This proposed tax legislation should be passed by an absolute majority of the Congress. This proposed tax legislation is in line with the progressivity principle of taxation. O This proposed tax legislation violates the equal protection clause.

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter3: Economic Decision Makers

Section: Chapter Questions

Problem 3.10P

See similar textbooks

Similar questions

The top 1% of income earners in the U.S. (those with the highest taxable incomes) pay O about the same percentage of their incomes in taxes as the average U.S. taxpayer. a much lower percentage of their incomes in taxes than the average U.S. taxpayer. O a much higher percentage of their incomes in taxes than the average U.S. taxpayer. O about 15 percent of their incomes in income taxes O a and d
Suppose that a nation decides to introduce a new income tax system with the tax brackets shown in the table. Income range $0-$20,000 $20,001-S39,000 $39,001-$70,000 $70,001+ Tax rate 0% 31% AD% 50% Use the table to calculate the average tax rate and marginal tax rate for each of the families. Where applicable, round your answer to the nearest whole number Byrne family Income = $25,000 Average tax rate % Marginal tax rate Smith family Income -$48,000 Average tax rate % Marginal tax rate Washington family Income = $62,000 Average tax rate % Marginal tax rate: Lee family Income = $123,000 Average tax rate % Marginal tax rate:
Suppose in Fiscal illegal there is a 0 percent tax on the first 10,000 of income, but there is a 20% tax on earnings between $10,000 and $20,000 and a 30% tax on income $20,000 and $30,000. Any income above $30,000 is taxed at 40%. If your income is $70,000, how much will you pay in taxes? Determine your average tax rate?
4.7) Consider a national income tax that is structured as follows: Income Marginal tax rate $0-$10,000 0% $10,001-- $60,000 5% $60,001and above 0% For each of the following workers determine his or her marginal and average tax rate. a. A part-time worker with an annual income of $9,000. b. A retail sales person with an annual income of $45,000. c. An advertising executive with an annual income of $600,000
ducer surplu... Practice midterm questions Review 10 9 8 7 PLEASE IGNORE Consider the supply and demand diagram corresponding with this question. Suppose that a per unit tax of $4 is placed on the good in question. At the new equilibrium, how much total tax revenue does the government collect? Price 6 5 SD3 Review 4 3 2 1 0 QEcon Mid-Sem... 1 12.0 2 3 4 Type your numeric answer and submit 5 diagram depicti... 6 7 8 9 D S 10 11 G supply a Confusing Quantity 12
7. The tax imposed to Filipinos in order to generate the much needed reserve for debt servicing. O Duty Tax O Ad Valorem Tax Value Added Tax O Excise Tax 8. Which is NOT true about Taxation It is obligatory O It raises revenue It covers even inanimate objects O It covers even the minors
2
Question 5: Combined state and federal taxes on gasoline average around 50 cents per gallon, and these taxes are statutorily levied on gasoline sellers. Because the demand for gasoline is relatively inelastic compared to the supply of gasoline: buyers likely do not bear much of the actual burden because it is statutorily levied on sellers who must submit the tax payments. sellers likely bear most of the actual burden of the tax through lower gasoline prices. O the net price received by sellers after they pay taxes likely falls by almost the full amount of the tax. O buyers likely bear most of the actual burden of the tax through higher gasoline prices.
4.7) Consider a national income tax that is structured as follows: Income Marginal tax rate $0-$10,000 0% $10,001-- $60,000 5% $60,001and above 0% For each of the following workers determine his or her marginal and average tax rate d. Would you describe the tax system as proportional, regressive, or progressive? Explain
5. 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, and
Need correct answer.instat upvote
Income: 115,000 State Tax Rate: 7 % Federal Income Tax: $0 to $29,000 10% Federal Payroll Tax Rate: 12% $29,001 to $58,300 15% $58,301 to $163,000 29% * Round all answers to 2 decimal places. Do not include any commas or percentage signs.* a) Compute the total tax paid b) What is the marginal tax rate? c) What is the average tax rate?