Economics (MindTap Course List)
Economics (MindTap Course List)
13th Edition
ISBN: 9781337617383
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 18.10, Problem 1ST
To determine

Relationship between tax rate and tax base.

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Economist Arthur lagger famously pointed out that, in some cases, income tax revenue can actually go up when tax rates go down. Why might this be the case?
On average, does an increase in taxes raise or lower real GDP? If taxes as a percent of GDP go up 1 percent, by how much does real GDP change? Are the decreases in real GDP caused by tax increases temporary or permanent? Does the intention of a tax increase matter?
Suppose that the Philippine tax schedule given below is being implemented this year. (sorry, disregard the box) Tax Payment P 1,000 4,500 14,000 Annual Income P10,000 30,000 70,000 140,000 250,000 500,000 35,000 75,000 160,000
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