Which of the following statements is/are correct criteria of the good tax? a. Good taxation should have more possible effects of distorting relative prices. b. It is regarded as good tax if various taxpayers with different incomes are taxed the same. c. It is regarded as good tax if the tax burden is spread fairly among various taxpayers. d. Administrative simplicity in the tax system ensures neutrality and equality.

Which of the following statements is/are correct criteria of the good tax? a. Good taxation should have more possible effects of distorting relative prices. b. It is regarded as good tax if various taxpayers with different incomes are taxed the same. c. It is regarded as good tax if the tax burden is spread fairly among various taxpayers. d. Administrative simplicity in the tax system ensures neutrality and equality.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Which of the following statements best describes the process of tax planning? Oa. Tax planning is…

A: Given : a. Tax planning is the calculation of a taxpayer's marginal rate of tax.b. Tax planning is…

Q: Please provide help

A: Demand-side economists criticized the income taxation of capital gains because c) they believed that…

Q: what is a potential with a temporary tax difference in design to increase demand

Q: I want correct

A: Demand-side economists criticized the income taxation of capital gains because:c. they believed that…

Q: e effect of financial distress and taxation on gearing? A. Both constrain gearing B. The…

A: Gearing in accounting means how much is the debt against the equity in the capital structure of the…

Q: Which of the following statements is (are) correct? (x) Part of the administrative burden of a tax…

A: A mortgage is a contract between borrower and a lender that provides the lender the right to take…

Q: Contrast tax evasion and tax avoidance. Which one is illegal, and which one is legal

Q: In the case of income tax there are high taxpayer costs but low government costs ? True or False

A: Income tax is known as the form of tax that is imposed on the income or profits of individuals or…

Q: Differentiate EXCLUSIONS, DEDUCTIONS and CREDITABLE WITHHOLDING TAX based on their similar…

A: EXCLUSIONS, DEDUCTIONS, and CREDITABLE WITHHOLDING TAX all are a part of the taxation benefits that…

Q: Which of the following statements is NOT true? A) A progressive tax system should increase the…

A: The progressive tax system is the tax system where the income of the people is taxed according to…

Q: Given correct answer

A: Demand-side economists criticized the income taxation of capital gains because: a. it discriminated…

Q: What are FUTA and SUTA taxes? Is there any possible reduction in the FUTA tax rate? If so, what is…

A: Introduction: Employer payroll taxes are paid by the employer from its own funds on the basis of…

Q: Anti-avoidance provisions _______. a.eliminate tax planning by taxpayers. b.are provisions in the…

A: Anti-avoidance provisions are rules or measures put in place by governments or regulatory bodies to…

Q: Demand-side economists criticized the income taxation of capital gains because: a. it discriminated…

A: Approach to solving the question: Understand Demand-Side Economics : Focuses on boosting economic…

Q: GST/HST differs from other sales taxes in that - Select one: a. it applies at all levels of sales b.…

A: The correct answer is c. all goods and services have GST/ HST applied.GST (Goods and Services Tax)…

Q: The IRS requires companies that use LIFO for financial statement reporting to also use LIFO to…

A: Why do you think the IRS wants companies to be consistent with the cost-flow assumption they use?…

Q: The ideal taxation system is a good tax system, that is, it must comply government needs whose…

A: Government charges two different taxes from its customer. One is direct tax and the other is…

Question

Which of the following statements is/are correct criteria of the good tax?
a. Good taxation should have more possible effects of distorting relative prices.
b. It is regarded as good tax if various taxpayers with different incomes are taxed
the same.
c. It is regarded as good tax if the tax burden is spread fairly among various
taxpayers.
d. Administrative simplicity in the tax system ensures neutrality and equality.
a. a, b, c and d
b. a, b and d
c. c and d.
d. b, c and d

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

In your own words, describe the similarities and differences between tax credits and tax deductions. Your response must include two (2) examples of each kind and a discussion on why you think credits are better than deductions, or if deductions are better than credits, or maybe you think they are equal! Tell us why you feel this way.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Taxation can be used to reduce the welfare loss arising from a negative externality. Select one: O True O False
Examine the income source rules discussed in the textbook and suggest at least two current tax rules that can prevent the manipulation of the source rules to eliminate taxes.
Compare the bases of the Hall-Rabushka flat tax, a broad-based general sales tax, and a consumption-based VAT.
The money creation (seigniorage) to finance government purchases a. is inferior to a non distortionary tax in terms of welfare b. has the same effects in welfare as a non distortionary tax c. has better welfare effects compared to a non distortionary tax d. is the optimal policy in terms of welfare
Tax accounting is a service offered by public accounting firms that involves both tax planning and which of the following? Multiple Choice A.)tax compliance B.)tax avoidance C.)tax elimination D.)tax payment. Please explain incorrect and correct option without plagiarism
which of the following characteristics can be used to describe an alternative except a. Illiquidity b. restricted purchase to institutions and or accredited person c. special tax considerations d. complex pricing structure e. all these above
Solve Please