EBK ECONOMICS
13th Edition
ISBN: 8220106798607
Author: Arnold
Publisher: CENGAGE L
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Chapter 11, Problem 7QP
To determine
Compare the progressive tax system and the ‘equal after-tax pay for equal work’.
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then tax revenue for the
Suppose you earned $60,000 per year and pay taxes based on marginal tax rates. The first tax bracket which taxes at 10% ranges from zero dollars to $30,000. The second tax bracket which tax at 25% ranges from 30,001 to $120,000. How much will you pay in total taxes?
The personal income and payroll taxes are already too high. I think business should share A larger share of the burden. Have you ever heard of a politician make a statement like this? Does thisstatement reflect sound economics. Why or why not?
Chapter 11 Solutions
EBK ECONOMICS
Ch. 11.1 - Prob. 1STCh. 11.1 - Prob. 2STCh. 11.1 - Prob. 3STCh. 11.1 - Prob. 4STCh. 11.3 - Prob. 1STCh. 11.3 - Prob. 2STCh. 11.3 - Prob. 3STCh. 11.4 - Prob. 1STCh. 11.4 - Prob. 2STCh. 11 - Prob. 1QP
Ch. 11 - Prob. 2QPCh. 11 - Prob. 3QPCh. 11 - Prob. 4QPCh. 11 - Prob. 5QPCh. 11 - Prob. 6QPCh. 11 - Prob. 7QPCh. 11 - Prob. 8QPCh. 11 - Prob. 9QPCh. 11 - Prob. 10QPCh. 11 - Prob. 11QPCh. 11 - Prob. 12QPCh. 11 - Prob. 13QPCh. 11 - Prob. 14QPCh. 11 - Prob. 15QPCh. 11 - Prob. 16QPCh. 11 - Prob. 17QPCh. 11 - Prob. 18QPCh. 11 - Prob. 19QPCh. 11 - Prob. 20QPCh. 11 - Prob. 21QPCh. 11 - Prob. 22QPCh. 11 - Prob. 23QPCh. 11 - Prob. 24QPCh. 11 - Prob. 1WNGCh. 11 - Prob. 2WNGCh. 11 - Prob. 3WNGCh. 11 - Prob. 4WNGCh. 11 - Prob. 5WNGCh. 11 - Prob. 6WNGCh. 11 - Prob. 7WNGCh. 11 - Prob. 8WNG
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- Justify the statement. True/False Indirect taxes are paid directly by people to the government.arrow_forwardGovernment collects the largest percentage of its revenue in which of the following ways? A) excise tax B) payroll tax C) corporate income tax D) personal income taxarrow_forwardWhat are the benefits of tax reform in the Philippines?arrow_forward
- A new elected government want to reform its tax system. As an economist you are hired to advise the government how to design a better tax system. Give your recommendation on factors that government need to consider if they want to implement the better tax system. Add specific example or case for each factor you recommend to governmentarrow_forwardAnn pays $3,850 in taxes on an income of $38,500. Therefore her proportional tax rate is undefined. taxes must be progressive in nature. marginal tax rate must be 10 percent. average tax rate must be 10 percent.arrow_forwardSuppose you earn $40,000 per year and pay taxes based on marginal tax rates. The first tax bracket, which taxes at 5 percent, ranges from $0 to $20,000. The second tax bracket, which taxes at 25 percent, ranges from $20,001 to $80,000. How much will you pay in total taxes? Instructions: Enter your answer as a whole number. 2$arrow_forward
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