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Does a single individual making $500,000 pay the same
marginal tax rate as another making $1 million? Explain.
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- show graphically the equilibrium of a Muslim consumer.Comment on or explain: Equality is a “superior good”; the richer we become, the more of it we can afford.Consider a society consisting of two people. Jacques earns an income of $100,000 per year and Kyoko earns an income of $30,000 per year. The government is considering a redistribution plan that would impose a 25% tax on Jacques's income and give the revenue to Kyoko. Without any incentive distortion, Jacques would retain $75,000 and Kyoko would end up with $55,000. However, let us assume that since Jacques will not receive all the income he earns, he decides to work less and earn an income of only $90,000, of which 25%×$90,000=$22,50025%×$90,000=$22,500 will be owed in taxes. With the redistribution plan, Jacques will take home an income of . The $22,500 that Jacques pays in taxes will be transferred by the government to Kyoko. Let us assume that since Kyoko now receives payment from the government, she will not work as many hours and will earn an income from work of only $29,000 instead of her initial $30,000. With the redistribution plan, Kyoko's total income…
- It is fair to discriminate in the amount of benefits for life and health policies: between individuals of the same religion between individuals of different classes between individuals of the same race between individuals of the same national originSusan is a single mother with three children. She is a cashier at a food market earning $7.75 per hour and works up to 2,000 hours per year. She is eligible for government benefits, so if she does not earn any income, she will receive a total of $17,050 per year. She can work and still receive government benefits, but for every $1 of income, her government stipend is $1 less. The government has decided to change the benefits policy of every $1 of income earned to reduce the government’s stipend by 60 cents. How will this change Susan's benefits received? What are her new choices? Complete the Revised Poverty Trap Table to present Susan’s options and provide answers to the following: What are the advantages of Susan working? What are the disadvantages of Susan working? What are the advantages of Susan receiving government benefits? What are the disadvantages of Susan receiving government benefits? Based on your findings from the Poverty Trap Table, should Susan continue to work…Suppose a small country called "Mamidas" is experiencing an aging population, leading to an increase in the number of retirees and a decline in the labor force participation rate. As a result, the government decides to implement an antipoverty policy to provide financial support to the elderly population. The policy aims to ensure that retired individuals have a minimum income to cover basic living expenses. Given the following information: The total number of retirees in Mamidas is 10,000. The poverty threshold for retirees is set at $20,000 per year. The average annual retirement income before the antipoverty policy is $16,000 per retiree. Calculate the total annual cost of the antipoverty policy for the government of Mamidas. Assume for this case that all retirees earn the average income.
- - It is reported in the news that the Malaysian Government will continue to focus on reducing the country's poverty rate, particularly, following the Covid-19 outbreak. The pandemic has affected people’s livelihood, resulting in rising incidence of poverty. Since (the poor) and (the needy) are two of the eight categories of asnaf (zakat recipients), zakat authorities need to increase the amount of zakat and sadaqah collections to address the rising incidence of poverty. With the use of specific examples, suggest and explain in detail 3 (THREE) strategies that the zakat authorities could implement to increase the collections of contributions.True or false Recall we visited the Kabura family in Burundi by taking a stroll down Gapminder’s Dollar Street. The dollar values assigned to each household’s income by Gapminder’s Dollar Street account for the kids’ consumption in the household by using an adult equivalence scale. If we increase the incomes of everyone in an economy by an exact proportion, the Gini coefficient of inequality will increase by that same proportion.Step on how to solve on Excel. In a certain country, the population consists of five blue people and five green people. Each green person has an income of $2 per year. Each blue person has an income of $6 per year.a. Draw the Lorenz Curve for this country.b. On your diagram from Part a, indicate clearly what area you would divide by what other area to calculate the Gini Coefficient.c. Calculate the Gini Coefficient. Show your work.
- Imagine an economy with only two people. Larry earns $20,000 per year, while Roger earns $80,000 per year. As shown in the following figure, the Lorenz curve for this twoperson economy consists of two line segments. The first runs from the origin to point a, while the second runs from point a to point b. a. Calculate the Gini ratio for this two-person economy using the geometric formulas for the area of a triangle (= ½ × base × height) and the area of a rectangle ( = base × height). (Hint: The area under the line segment from point a to point b can be thought of as the sum of the area of a particular triangle and the area of a particular rectangle.) b. What would the Gini ratio be if the government taxed $20,000 away from Roger and gave it to Larry? (Hint: The figure will change.) c. Start again with Larry earning $20,000 per year and Roger earning $80,000 per year. What would the Gini ratio be if both their incomes doubled? How much has the Gini ratio changed from before the doubling…In the government of a country's budget the finance minister proposed to raise the tax on cigarettes. He also proposed to increase income tax on individuals earning more than $100,000 per annum. What possible welfare objective can you think of from these proposals?Answer this question under 100 words and draw a Lorenz graph to explain it. In the Financial Times’ article “How the pandemic is worsening inequality” (31 Dec 2020) we can read: “About 600m people work globally in the hardest-hit sectors such as hospitality and retail [...]. In addition, the informal economy has been hard-hit – and that is where some of the world’s most vulnerable workers are employed. [...] At the height of the pandemic-induced surge in unemployment, joblessness among people aged 15 to 24 in OECD countries was 7.5 percentage points higher than the start of this year, whereas among those aged 25 and over it rose by 3.2 percentage points. Pandemic-induced job losses have potentially long-lasting consequences: people who start their career during a recession experience lower earnings for a decade after graduation. [...] Around the world, relatively privileged workers have avoided the worst of the pandemic’s economic impact. Up to 40 per cent of those in the ILO’s top…