The government has announced a cut to stamp duty, the tax paid when people buy a property in England and Northern Ireland. The threshold at which the tax falls due has been raised to £250,000 from its current £125,000 level. Meanwhile the threshold for first-time buyers has been increased from £300,000 to £425,000. The changes should remove 200,000 people from having to pay stamp duty, Chancellor Kwasi Kwarteng said. The chancellor also increased the value of the property on which first-time buyers can claim stamp duty relief from £500,000 to £625,000. A buyer splashing out £500,000 on a home will now be charged £12,500 rather than the previous £15,000.
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- Suppose demand is given by ??(?) = 1 – ? and supply ??(?) = ?, with prices in dollars. If buyers pay a 10 cent tax, what is the after tax demand? Do the same computations as the previous exercise and show that the outcomes are the same. Suppose both demand and supply are linear, ??=?−? and ??=?+?p . A quantity tax is a tax that has a constant value for every unit bought or sold. Determine the new equilibrium supply price ?? and demand price ?? when a quantity tax of amount t is applied. The Manning Company has two factories, one that makes roof trusses, and one that makes cabinets. With? workers, the roof factory produces trusses per day. With n workers, the cabinet plant produces 5. The Manning Company has 400 workers to use in the two factories. Graph the production possibilities frontier. (Hint: Let ? be the number of trusses produced. How many workers are used making trusses?) Alarm & Tint, Inc., has 10 workers working a total of 400 hours per week. Tinting takes 2 hours…In 2018, the Government of the Federated Republic of Coconut Islands had a budget surplus of $20 million dollars. Suppose that in the same year, the total amount of government expenditures was $324 millions. What was the government's tax revenues in that year?Determine the subsidies when the net indirect taxes are $30 and the indirect taxes are $15
- President Clinton has seized the cigarette excise tax as an expedient and politically correct means of increaseing federal revenue. In 1994 the federal government took in $12 billion from the present 24-cents-per-pack tax. If the tax were quadrupled to $1 a pack, Clinton figures tax revenues would increase by more than $50 billion over three years. Those added revenues would help finance the heath care reforms the president so dearly wants. Professor Gary Becker, a Nobel Prize-winning economist at the University of Chicago,says Clinton math is wrong. The White House assumed that cigarettes sales would drop by 4 percent for every 10 percent increase in prices, not the full adjustment of smokers' behavior. Over a three-year period, cigarette consumption is likely to decline by 8 percent for every 10 percent increase in price-twice as much as Clinton assumed.As a result,the $1-a-pack tax will bring in much less revenue than President Clinton projected. According to Professor Becker, by…Oregon Hikes Cigarette Tax by $2 Last November Oregon voters overwhelmingly approved higher taxes on cigarettes and a new tax on e-cigarettes. Effective January 1, 2021, the state tax on a pack of cigarettes jumped from $1.33 to $3.33, the sixth-highest state tax in the nation. That will bring the average retail price up to $8.33 a pack, almost a 32 percent increase. State officials are expecting a tax windfall of $135 million in 2021 from the higher taxes. That assumes Oregonians continue to buy cigarettes at the same rate. Economists warn, however, that smokers reduce cigarette purchases when prices go up. Typically, unit sales decline by 4 percent when cigarette prices go up by 10 percent. The drop in unit sales may be larger in Oregon, as residents will have the option of purchasing smokes from other states, Indian reservations, and online. Source: Media reports of November 2020–February 2021. According to the News Wire, Instructions: Round your responses to one decimal…Parliament is interested in financing the cost of their proposed childcare programme by imposing a payroll tax on workers. Some members of parliament are worried that workers will pay the entire burden of this payroll tax and propose for this tax to be imposed on firms. Address the concerns of the members of the Parliament in your report (100 words)
- According to the textbook, which of the following statements is (are) correct? (x) Taxes on specific goods such as cigarettes, gasoline and alcoholic beverages are called excise taxes (y) The government taxes corporate income on the basis of the number of employees. (z) The payroll tax differs from the individual income tax because all of the payroll tax is paid by the employer and all of the income tax is paid by the employee. (x), (y) and (z) (x) and (y) only (x) and (z) only (y) and (z) only (x) onlyWhy do you oppose the taxation of purchasing NFTs? Infoslide:An NFT, which stands for non-fungible token, is a unique unit of data employing technology that allows digital content—from videos to songs to images, games and art—to become logged and authenticated on cryptocurrency blockchains. "Tokenizing" these real-world tangible assets allows them to be bought, sold, and traded more efficiently while reducing the probability of fraud.Read the following and answer question?‘Exit tax’ to hit South Africans looking to emigrate from 2022When ceasing their South African tax residency, taxpayers are subject to an ‘exit tax’ which forms part of the emigration process. However, the National Treasury has proposed a further tax on those who intend to permanently leave South African shores, say tax experts at specialist advisory firm Tax Consulting SA. “In the National Treasury’s latest published Draft Tax Bills, which incorporates the tax proposals made in the 2021 budget, the amendment proposes to tax retirement fund interests of individuals when they cease South African tax residency,” the firm said. Suppose that currently, the South African economy is in an expansionary phase. The proposed “Exit tax” by the National Treasury would resemble which of the following macroeconomic schools of thought?a) Keynesian theoryb) Classical theoristsc) Marxist economicsd) Monetarist economics
- Suppose the supply of a good is given by the equation QS=600P−1,200 , and the demand for the good is given by the equation QD=1,600−200P , where quantity (Q) is measured in millions of units and price (P) is measured in dollars per unit. The government decides to levy an excise tax of $2.00 per unit on the good, to be paid by the seller. Calculate the value of each of the following, before the tax and after the tax, to complete the table that follows: 1. The equilibrium quantity produced 2. The equilibrium price consumers pay for the good 3. The price received by sellers Before Tax After Tax Equilibrium Quantity (Millions of units) Equilibrium Price per Unit Paid by Consumers Price per Unit Received by Sellers Given the information you calculated in the preceding table, the tax incidence on consumers is per unit of the good, and the tax incidence on producers is per unit of the good. The government receives in tax revenue from levying an excise tax of $2.00 per unit on this good. True…Which of the following importation is not subject to consumption tax? * Importation of ornamental seashells Importation of bottled drinking water Importation of ingredients used for finished feeds Importation of wood All of the aboveIf after a tax is imposed, the price paid by the buyer rises by $3 while the price received by the seller falls by $2, and the quantity of goods sold falls from 300 to 200 units, what is the amount of government revenue from this tax?