Could you please explain in brief  why taxation is considered as the lifeblood of the state.

Q: Evaluate the following two statements. Do you agree? Why or why not? a. “A tax that has no…

A: Meaning of Tax Imposition:The term tax imposition or the tax hike refers to the situation under…

Q: The idea that an increase in a tax rate generates a reduction in the tax base that makes the net…

A: Imposition of tax on a good generates tax revenue for the government

Q: Give two arguments why wealthy taxpayers shouldpay more taxes than poor taxpayers

A: 2 arguments that why wealthy taxpayers should pay more taxes than the poor are as follows: ·…

Q: Seeing a golden opportunity to increase its revenue, assume the City of Boston has decided to levy a…

A: When a tax is imposed on every unit of quantity sold, then the tax burden is shared by the seller…

Q: Which is wrong? EXPLAIN   a. The government should tax itself. b. The government can tax itself. c.…

A: In an economy, government is the highest ruling authority that runs the economy based on its…

Q: When supply and demand are equally elastic:     producers carry the majority of the tax…

A: When supply and demand elasticities are same, the tax burden borne by both buyers and sellers are…

Q: What can you say about Tax incidence in the Philippines, who carries the burden more? Give examples…

A: Tax incidence is an economic term for the distribution of tax burden between producers and sellers.…

Q: Name three types of taxes and analyze the deadweight loss of each.

A: Taxes are the legal proceedings and the amount of money which is levied on the consumers, producers,…

Q: Discuss the effects of indirect taxes on producers.

A: Effects of indirect taxes on producers Indirect taxes are the taxes levied on the goods and…

Q: Can you explain how to figure this out? The demand curve moved to the left Showing what the demand…

A: Initially when there were no taxes involved, the equilibrium price which the buyer paid and the…

Q: What can you say about Tax incidence in our country, who carries the burden more? Give examples and…

A: Taxes are unintended fees placed on individuals or companies and levied by a government agency –…

Q: Describe the two basic philosophies of taxation fairness. How are these philosophies evident in the…

A: Tax fairness is a principle that states that a government's tax system should be equal to all…

Q: Explain how an increase in tax can reduce tax revenue of a government

A: Tax is the major source of revenue for the government. The major government spending is funded from…

Q: Name three types of taxes and analyze the deadweight loss of each.

A: Tax is cash that must be paid to the state by individuals. Tax payments were intended to provide for…

Q: The graph shows the market for smartphone chargers. Draw a point to show the price of a smartphone…

A: Tax is a measure of cash/money that you need to pay to the public authority so it can pay for public…

Q: What are the characteristics of Taxes? Discuss each briefly. (Please include the references, I…

A: Taxes are the compulsory payments imposed by government on the taxpayer to collect funds for…

Q: Suppose you earn $40,000 per year and pay taxes based on marginal taxX rates. The first tax bracket,…

A: Income tax is that type of tax which is imposed by government on the income of individuals &…

Q: Cite and discuss two importance of taxation. Taxation here covers the levying of taxes by the…

A: Taxes are important for an economy in the sense they generate revenue for the economy. India also…

Q: A tax whose impact varies inversely with the income of the person taxed, and poor people have a…

A: In the case of the regressive tax rate, the greater burden of tax is imposed on the poorer people…

Q: Applying John Rawls’ theory of justice in taxation, do you think that it is fair for some taxpayers…

A: A degressive expense is one in which rates are level yet exclusions or travelers are permitted,…

Q: If after a tax is imposed, the price paid by the buyer rises by $3 while the price received by the…

A: Given, After tax, price paid by buyer = rose by $3 After tax, price received by seller = falls by $2…

Q: In the market for therbligs, the supply curve is Ps=$10+$0.05Qs  and the market demand curve is…

A: Demand Equation: P=20-0.10Qd Supply equation : P=10+0.05Qs Equilibrium:  0-0.10Qd=10+0.05Qs Demand…

Q: The federal government currently uses many forms of taxation, both direct and indirect, to raise…

A: Direct taxes are taxes that are imposed on natural persons and they are based on the taxpayer’s…

Q: EXPLAIN THREE WAYS IN WHICH TAXATION AND GOVERNMENT SPENDING IMPACT THE ECONOMY POSITIVELY AND…

A: Positive impact of taxation Cutting taxes enhance demand by increasing disposable income and…

Q: Discuss the effects of direct taxes on consumer behavior.

A: Direct taxes are those taxes which are payable on the income of an individual or entity. Income tax,…

Q: Explain and expound why taxation is unavoidable in any state be it rich or poor. Supply facts to…

A: GDP. or the gross domestic product is the value of all the final goods and services which are newly…

Q: Tax incidence refers to ? A. the average tax rate. B.how much revenue a tax generates. C.the extent…

A: The tax incidence means the division of tax burden between buyers and sellers. It refers to the…

Q: What are the characteristics of Taxation? Discuss each briefly. (Please include the references, I…

A: Public finance is a subpart of economics that studies the expenditure and revenues of the public…

Q: What happens to the tax revenue when the tax on a good increase gradually? (a) Will rise (b) Will…

A: ‘Deadweight Loss(DWL)’ can be defined as a cost that is created to society due to any kind of market…

Q: What are the theories and bases of taxation? Explain each. (Please include the references, I really…

A: There are 2 main theories of taxation : The force of tax collection continues upon the hypothesis…

Q: The single largest source of revenue for the federal government are corporate income taxes. True or…

A: Taxes, penalties, fees, interest rates, and other sources of government revenue are among them.…

Q: Discuss whether supply-side policies have been successful in improving the performance of an economy…

A: Supply- side policy:- These policies are attempts of government in order to enhance the productivity…

Q: explain why taxation is considered as the lifeblood of the state

A: Taxation: It is a compulsory charge which is being levied on the individuals or groups by the state…

Q: Which of the following statements correctly describes the relationship between the size of the…

A: When the government imposes per unit of tax then the burden of tax is shared by the buyer and seller…

Q: According to the textbook, which of the following statements about taxes in the U.S. is (are)…

A: Taxes are defined as the compulsory charges imposed by the government of the country on individuals…

Q: proportional tax, sometimes referred to as a flat tax, is a kind of income tax wherein all taxpayers…

A: Proportional tax is that the taxing mechanism within which the taxing authority charges constant…

Q: What can you say about Tax incidence in our country, who carries the burden more? Give examples and…

A: Tax incidence The economic cost of a tax is distributed among those who are impacted by it, which is…

Q: A proportional tax is a tax for which people with lower incomes   Group of answer choices A. pay a…

A: Answer: Correct option: (A) Explanation: A proportional tax is called a flat tax because here the…