Percentage of federal taxes.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 36, Problem 1FT

Subpart (a):

To determine

Percentage of federal taxes.

Subpart (a):

Expert Solution

Explanation of Solution

Using information in Table 36, the percentages of federal taxes paid from the “top down” by the top 40%, top 60%, or top 80% of income earners and from the “bottom up” by the bottom 40%, 60%, or 80% of income earners are mined and tabulated in Table 1.

Table 1

	Share of Total Federal tax revenue		Share of Total Federal tax revenue
Everyone	100%	Everyone	100%
Bottom 20%	0.8%	Top 80%	99%
Bottom 40%	4.9%	Top 60%	94.9%
Bottom 60%	14.2%	Top 40%	85.6%
Bottom 80%	31.1%	Top 20%	68.7%

Economics Concept Introduction

Concept Introduction:

Tax: Tax is the financial charge or obligation that is levied on the taxpayer by the government to meet its public expenditure and other development work in the interest of the country. Tax is one of the biggest sources for the government revenue through which the government meets its expenditure.

Subpart (b):

To determine

Identifying true statements.

Subpart (b):

Expert Solution

Explanation of Solution

Based on the information in Table 1, the following statements are true:

Statement (i) says that the bottom 60% of taxpayers pay less than 25% of federal taxes, and statement (ii) says that the top 80% of taxpayers pay over 98% of federal taxes.

Statement (iii) is false because by the data in Table 1, 40% of taxpayers pay more than 60% of federal taxes.

Economics Concept Introduction

Concept Introduction:

Tax: Tax is the financial charge or obligation that is levied on the taxpayer by the government to meet its public expenditure and other development work in the interest of the country. Tax is one of the biggest sources for the government revenue through which the government meets its expenditure.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Describe the various measures used to assess poverty and economic inequality. Analyze the causes and consequences of poverty and inequality, and discuss potential policies and programs aimed at reducing them, assess the adequacy of current environmental regulations in addressing negative externalities. analyze the role of labor unions in labor markets. What is one benefit, and one challenge associated with labor unions.

Evaluate the effectiveness of supply and demand models in predicting labor market outcomes. Justify your assessment with specific examples from real-world labor markets.

Explain the difference between Microeconomics and Macroeconomics? 2.) Explain what fiscal policy is and then explain what Monetary Policy is? 3.) Why is opportunity cost and give one example from your own of opportunity cost. 4.) What are models and what model did we already discuss in class? 5.) What is meant by scarcity of resources?

Answer 2

Question

Chapter 36, Problem 1FT

Subpart (a):

To determine

Percentage of federal taxes.

Subpart (a):

Expert Solution

Explanation of Solution

Using information in Table 36, the percentages of federal taxes paid from the “top down” by the top 40%, top 60%, or top 80% of income earners and from the “bottom up” by the bottom 40%, 60%, or 80% of income earners are mined and tabulated in Table 1.

Table 1

	Share of Total Federal tax revenue		Share of Total Federal tax revenue
Everyone	100%	Everyone	100%
Bottom 20%	0.8%	Top 80%	99%
Bottom 40%	4.9%	Top 60%	94.9%
Bottom 60%	14.2%	Top 40%	85.6%
Bottom 80%	31.1%	Top 20%	68.7%

Economics Concept Introduction

Concept Introduction:

Tax: Tax is the financial charge or obligation that is levied on the taxpayer by the government to meet its public expenditure and other development work in the interest of the country. Tax is one of the biggest sources for the government revenue through which the government meets its expenditure.

Subpart (b):

To determine

Identifying true statements.

Subpart (b):

Expert Solution

Explanation of Solution

Based on the information in Table 1, the following statements are true:

Statement (i) says that the bottom 60% of taxpayers pay less than 25% of federal taxes, and statement (ii) says that the top 80% of taxpayers pay over 98% of federal taxes.

Statement (iii) is false because by the data in Table 1, 40% of taxpayers pay more than 60% of federal taxes.

Economics Concept Introduction

Concept Introduction:

Tax: Tax is the financial charge or obligation that is levied on the taxpayer by the government to meet its public expenditure and other development work in the interest of the country. Tax is one of the biggest sources for the government revenue through which the government meets its expenditure.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 36, Problem 1FT

Subpart (a):

To determine

Percentage of federal taxes.

Subpart (a):

Expert Solution

Explanation of Solution

Using information in Table 36, the percentages of federal taxes paid from the “top down” by the top 40%, top 60%, or top 80% of income earners and from the “bottom up” by the bottom 40%, 60%, or 80% of income earners are mined and tabulated in Table 1.

Table 1

	Share of Total Federal tax revenue		Share of Total Federal tax revenue
Everyone	100%	Everyone	100%
Bottom 20%	0.8%	Top 80%	99%
Bottom 40%	4.9%	Top 60%	94.9%
Bottom 60%	14.2%	Top 40%	85.6%
Bottom 80%	31.1%	Top 20%	68.7%

Economics Concept Introduction

Concept Introduction:

Tax: Tax is the financial charge or obligation that is levied on the taxpayer by the government to meet its public expenditure and other development work in the interest of the country. Tax is one of the biggest sources for the government revenue through which the government meets its expenditure.

Subpart (b):

To determine

Identifying true statements.

Subpart (b):

Expert Solution

Explanation of Solution

Based on the information in Table 1, the following statements are true:

Statement (i) says that the bottom 60% of taxpayers pay less than 25% of federal taxes, and statement (ii) says that the top 80% of taxpayers pay over 98% of federal taxes.

Statement (iii) is false because by the data in Table 1, 40% of taxpayers pay more than 60% of federal taxes.

Economics Concept Introduction

Concept Introduction:

Tax: Tax is the financial charge or obligation that is levied on the taxpayer by the government to meet its public expenditure and other development work in the interest of the country. Tax is one of the biggest sources for the government revenue through which the government meets its expenditure.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 36, Problem 1FT

Subpart (a):

To determine

Percentage of federal taxes.

Subpart (a):

Expert Solution

Explanation of Solution

Using information in Table 36, the percentages of federal taxes paid from the “top down” by the top 40%, top 60%, or top 80% of income earners and from the “bottom up” by the bottom 40%, 60%, or 80% of income earners are mined and tabulated in Table 1.

Table 1

	Share of Total Federal tax revenue		Share of Total Federal tax revenue
Everyone	100%	Everyone	100%
Bottom 20%	0.8%	Top 80%	99%
Bottom 40%	4.9%	Top 60%	94.9%
Bottom 60%	14.2%	Top 40%	85.6%
Bottom 80%	31.1%	Top 20%	68.7%

Economics Concept Introduction

Concept Introduction:

Tax: Tax is the financial charge or obligation that is levied on the taxpayer by the government to meet its public expenditure and other development work in the interest of the country. Tax is one of the biggest sources for the government revenue through which the government meets its expenditure.

Subpart (b):

To determine

Identifying true statements.

Subpart (b):

Expert Solution

Explanation of Solution

Based on the information in Table 1, the following statements are true:

Statement (i) says that the bottom 60% of taxpayers pay less than 25% of federal taxes, and statement (ii) says that the top 80% of taxpayers pay over 98% of federal taxes.

Statement (iii) is false because by the data in Table 1, 40% of taxpayers pay more than 60% of federal taxes.

Economics Concept Introduction

Concept Introduction:

Tax: Tax is the financial charge or obligation that is levied on the taxpayer by the government to meet its public expenditure and other development work in the interest of the country. Tax is one of the biggest sources for the government revenue through which the government meets its expenditure.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 36, Problem 1FT

Subpart (a):

To determine

Percentage of federal taxes.

Subpart (a):

Expert Solution

Explanation of Solution

Using information in Table 36, the percentages of federal taxes paid from the “top down” by the top 40%, top 60%, or top 80% of income earners and from the “bottom up” by the bottom 40%, 60%, or 80% of income earners are mined and tabulated in Table 1.

Table 1

	Share of Total Federal tax revenue		Share of Total Federal tax revenue
Everyone	100%	Everyone	100%
Bottom 20%	0.8%	Top 80%	99%
Bottom 40%	4.9%	Top 60%	94.9%
Bottom 60%	14.2%	Top 40%	85.6%
Bottom 80%	31.1%	Top 20%	68.7%

Economics Concept Introduction

Concept Introduction:

Tax: Tax is the financial charge or obligation that is levied on the taxpayer by the government to meet its public expenditure and other development work in the interest of the country. Tax is one of the biggest sources for the government revenue through which the government meets its expenditure.

Subpart (b):

To determine

Identifying true statements.

Subpart (b):

Expert Solution

Explanation of Solution

Based on the information in Table 1, the following statements are true:

Statement (i) says that the bottom 60% of taxpayers pay less than 25% of federal taxes, and statement (ii) says that the top 80% of taxpayers pay over 98% of federal taxes.

Statement (iii) is false because by the data in Table 1, 40% of taxpayers pay more than 60% of federal taxes.

Economics Concept Introduction

Concept Introduction:

Tax: Tax is the financial charge or obligation that is levied on the taxpayer by the government to meet its public expenditure and other development work in the interest of the country. Tax is one of the biggest sources for the government revenue through which the government meets its expenditure.

Answer 6

Chapter 36, Problem 1FT

Subpart (a):

To determine

Percentage of federal taxes.

Subpart (a):

Expert Solution

Explanation of Solution

Using information in Table 36, the percentages of federal taxes paid from the “top down” by the top 40%, top 60%, or top 80% of income earners and from the “bottom up” by the bottom 40%, 60%, or 80% of income earners are mined and tabulated in Table 1.

Table 1

	Share of Total Federal tax revenue		Share of Total Federal tax revenue
Everyone	100%	Everyone	100%
Bottom 20%	0.8%	Top 80%	99%
Bottom 40%	4.9%	Top 60%	94.9%
Bottom 60%	14.2%	Top 40%	85.6%
Bottom 80%	31.1%	Top 20%	68.7%

Economics Concept Introduction

Concept Introduction:

Tax: Tax is the financial charge or obligation that is levied on the taxpayer by the government to meet its public expenditure and other development work in the interest of the country. Tax is one of the biggest sources for the government revenue through which the government meets its expenditure.

Answer 7

Chapter 36, Problem 1FT

Subpart (a):

To determine

Percentage of federal taxes.

Answer 8

Subpart (a):

Expert Solution

Explanation of Solution

Using information in Table 36, the percentages of federal taxes paid from the “top down” by the top 40%, top 60%, or top 80% of income earners and from the “bottom up” by the bottom 40%, 60%, or 80% of income earners are mined and tabulated in Table 1.

Table 1

	Share of Total Federal tax revenue		Share of Total Federal tax revenue
Everyone	100%	Everyone	100%
Bottom 20%	0.8%	Top 80%	99%
Bottom 40%	4.9%	Top 60%	94.9%
Bottom 60%	14.2%	Top 40%	85.6%
Bottom 80%	31.1%	Top 20%	68.7%

Answer 9

Subpart (a):

Expert Solution

Answer 10

Subpart (a):

Expert Solution

Answer 11

Expert Solution

Answer 12

Economics Concept Introduction

Concept Introduction:

Tax: Tax is the financial charge or obligation that is levied on the taxpayer by the government to meet its public expenditure and other development work in the interest of the country. Tax is one of the biggest sources for the government revenue through which the government meets its expenditure.

Answer 13

Subpart (b):

To determine

Identifying true statements.

Subpart (b):

Expert Solution

Explanation of Solution

Based on the information in Table 1, the following statements are true:

Statement (i) says that the bottom 60% of taxpayers pay less than 25% of federal taxes, and statement (ii) says that the top 80% of taxpayers pay over 98% of federal taxes.

Statement (iii) is false because by the data in Table 1, 40% of taxpayers pay more than 60% of federal taxes.

Economics Concept Introduction

Concept Introduction:

Tax: Tax is the financial charge or obligation that is levied on the taxpayer by the government to meet its public expenditure and other development work in the interest of the country. Tax is one of the biggest sources for the government revenue through which the government meets its expenditure.

Answer 14

Subpart (b):

To determine

Identifying true statements.

Answer 15

Subpart (b):

Expert Solution

Explanation of Solution

Based on the information in Table 1, the following statements are true:

Statement (i) says that the bottom 60% of taxpayers pay less than 25% of federal taxes, and statement (ii) says that the top 80% of taxpayers pay over 98% of federal taxes.

Statement (iii) is false because by the data in Table 1, 40% of taxpayers pay more than 60% of federal taxes.

Answer 16

Subpart (b):

Expert Solution

Answer 17

Subpart (b):

Expert Solution

Answer 18

Expert Solution

Answer 19

Economics Concept Introduction

Concept Introduction:

Tax: Tax is the financial charge or obligation that is levied on the taxpayer by the government to meet its public expenditure and other development work in the interest of the country. Tax is one of the biggest sources for the government revenue through which the government meets its expenditure.

Answer 20

Ch. 36 - Prob. 1FT Ch. 36 - Prob. 2FT Ch. 36 - Prob. 3FT Ch. 36 - Prob. 4FT Ch. 36 - Prob. 5FT Ch. 36 - Prob. 6FT Ch. 36 - Prob. 7FT Ch. 36 - Prob. 8TPS Ch. 36 - Prob. 9TPS Ch. 36 - Prob. 10TPS

Percentage of federal taxes.

Percentage of federal taxes.

Explanation of Solution

Identifying true statements.

Explanation of Solution

Want to see more full solutions like this?

Chapter 36 Solutions