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Topic: Economic Inequality
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- 2.“South Asia has a lower income per capita than subSaharan Africa.” Comment on the validity of thisstatement.2QUESTION 19 Which of these is NOT a component of the 2016 Social Security reform proposal by Democratic lawmakers? O a. an increase in minimum benefits to 25% above the poverty line b. an increase in benefits by 2% for all recipients O c. a more generous cost-of-living adjustment O d. lower payroll taxes
- What is the formula of the per capita income given example of it please?3. Why is income and wealth inequality a threat to the future of democracy and economies around the world? What are the main factors that have caused inequality to increase over the last few decades? What policies would you suggest to reduce inequality?Table H-1. Income Limits for Each Fifth and Top 5 Percent of All Households: 1967 to 2021 Current Dollars 2021 Year Number (thousands) Lowest Upper limit of each fifth (dollars) Second Third 89,744 Fourth 149,131 Lower limit of top 5 percent (dollars) 131,202 28,007 55,000 Question 04b: Which of the following statements are true? a) The upper limit on income of the lowest 20% of households in the United States is $28,007 meaning the range of the lowest quintile is from zero to $28,007. 286,304 b) The income range of the middle (third) quintile of households is from $55,001 to $89,744. c) The top 20% of households had income of at least $149,132. d) All of the above are true statements for the almost 130 million households in 2021.
- I need some helpMACROECONOMICS Progressive Tax Based on your yearly income above, calculate the amount of tax each income bracket would pay under a progressive tax plan. Each row up to the total income amount should be filled in. For an example of a completed chart, go to Page 4 of Lesson 05.03: Sharing with Uncle Sam. Calculate the tax for $95,000. For example, $10,000x40%-%$4,000 in tax. Show your work!! Proposed Regressive Plan Calculate the tax for S25,000. For example, $10,000x40%=$4,000 in tax. Show your work!! 10% on income up to $25,000 20% on income between S25,000 and S34,000 25% on income between S34,000 and S44,000 30% on income between $44,000 and S80,000 40% on taxable income over S80,000 TOTAL TAX PAID (sum of all rows):Cumulative Percent of Income 100 90- 80 70 60 50 40 30 20 10 10 20 All HATB TA 30 40 50 60 70 Cumulative Percent of the Population 80 I 90 100