Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter16: Government Spends, Collects, And Owes
Section: Chapter Questions
Problem 19AA
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Do you think using we should use
Expert Solution
Step 1
Tax is the money payable to the government according to the tax laws. Income tax is levied as a percentage, on income earned in excess of specified threshold.
Step 2
Levying of taxes is generally opposed due to lack of transparency in government spending and corruption. Also, taxes are opposed since there are alternate ways of redistribution such as charity and trusts where people can voluntarily submit their excess income or spend their income by doing charitable activities by themselves.
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