Explain the benefit principle and ability to pay approach with regard to tax equity. Which approach do you think is appropriate regarding tax equity (fairness) ? And why?

Identify the term being referred to: A benefit given by the government that allows entities to have their tax liabilities reduced to special rates *

what is the difference between horizontal and vertical tax equity?

what role does taxation and budget process play in government decisions?

Which is smaller in value, a $7,500 tax deduction or a $7,500 tax credit? Explain why. Please No more than three sentence. keep it simple.

24. Impact on Taxes. Lawrence has a marginal tax rate of 24%. He suddenly realizes that he neglected to include a $5,000 tax deduction. How will this oversight affect his taxes? =Lawrence paid $1200 excess tax because Lawrence neglected $ 5000 tax deduction 25. Impact on Taxes. From question 24, if Lawrence had forgotten a $5000 tax credit (instead of a $5000 tax deduction), how would his taxes be affected?

All the following are good reasons for retirement plans except:   a. tax brackets   b. marginal tax rates   c. paying as much as you can in taxes, without paying more than required   d. regressive taxes

Describe the relevance of taxation for understanding the American welfare state.   How have political institutions shaped the American welfare state?

MACROECONOMICS Progressive Tax Based on your yearly income above, calculate the amount of tax each income bracket would pay under a progressive tax plan. Each row up to the total income amount should be filled in. For an example of a completed chart, go to Page 4 of Lesson 05.03: Sharing with Uncle Sam. Calculate the tax for $95,000. For example, $10,000x40%-%$4,000 in tax. Show your work!! Proposed Regressive Plan Calculate the tax for S25,000. For example, $10,000x40%=$4,000 in tax. Show your work!! 10% on income up to $25,000 20% on income between S25,000 and S34,000 25% on income between S34,000 and S44,000 30% on income between $44,000 and S80,000 40% on taxable income over S80,000 TOTAL TAX PAID (sum of all rows):

How does the typical state budget process work, and what are the various actors involved in that process? What are the main characteristics of a sustainable budget? What are the main sources of revenues for states and local governments? Is it possible to balance the demands for government services with existing revenue sources? What have been the various approaches advocated to reform budgeting processes at the state and local levels? What are the five key areas of future state and local budget needs? Which one do you think is the most critical and why? Explain. assignment #10 be sure to cite your source(s) using APA Style