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- The fact that lower-incomefamilies will spend a higherpercentage of their income ontangible goods that are taxablethan higher-income familiesmeans that sales tax is whattype of taxation system?There is a 20% tax on the first $15,000 of income, a 30% tax on income above $15,000 until $30,000, and a 40% tax on all income above $30,000. What is the marginal tax rate for someone making $45,000? Group of answer choices 40% 14.29% 30% 20%I dont understand how to calculate and graph the second curve for income after taxes and benefits. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- 02. Referring to Fig 2d and the attached table, determine whether average pre-tax income of the top 10%, top 5%, top 1% of households by income has increased or decreased following the major tax cut years of 1982, 1987, and 2002-03. Increased decreasedConsider 2 goods with prices p1 = 4 and p2 = 6, and a consumer with income m = 200. The government imposes a sales tax on good 1. Suppose the sales tax is (a) a quantity tax t = 2 (dollars per unit). (b) an ad valorem tax of 30 per cent (t = 0.3). Compute and graph the consumer’s budget line without a tax, and for the taxes in (a) and (b), respectively.Asap Jennifer has earnings of $2,400 and faces a constant marginal tax rate of t= 0.3. If she is caught not reporting some of her income (where U is the amount of income she doesn't declare), then her marginal penalty is U/1000. There is a 20% chance she will be caught. How much income will she optimally declare? Show on a diagram.
- 1. The government of Antigua wishes to introduce income tax to increase government revenue. In so doing, a consultant was hired to make recommendations on the best way forward. The consultant proposed that the government shouldn’t tax any employee earning below XCD25,000.00 annually or the employee first XCD25,000.00 annually. Thereafter, any employee earning between XCD25,000.00 and XCD40,000.00 annually should pay 5.5% income tax and then any employee earning above XCD40,000.00 should pay 10.5% income tax. For the above information answer the following: a. Derive a mathematical function to represent the consultant’s position clearly identifying all variables and intervals. b. From part a) above, state the name of ALL the mathematical functions derived. c. If Jane (someone working in Antigua) pays XCD750.00 in income tax, calculate Jane’s annual income.The table below presents the system in the country of Boonton. The numbers indicate the percentage of income in that bracket that is taxed. For example, someone making $13,000 would be taxed 23% of that amount. Income Earned Tax % applied to that Income Under $15,000 23 $15,001 - $30,000 24 $30,001 - $45,000 25 $45,001 - $60,000 27 If a household in Boonton currently makes $20000, how much do they owe in taxes?A toll is a tax on citizens who use toll roads. Thispolicy can be viewed as an application ofa. the benefits principle.b. horizontal equity.c. vertical equity.d. tax progressivity
- Why would means-tested transfer payments (such as food stamps, in which benefits are reduced as income rises) act like an income tax facing recipients?The social security tax is 6.2 on employees income earned below 113,000. Is this tax progressive, regressive or proportional?Federal excise taxes on gasoline vary widely across the developed world. The United States has the lowest taxes at USD $0.40 per gallon (or £0.07 per liter), Canada has taxes of $0.60 per gallon, Japan and much of Europe is $2.00 per gallon, while Britain has the highest tax at $2.83 a gallon or £0.5 per liter. If gasoline taxes are intended to reduce the time losses from road congestion in urban environments and gasoline pre-tax costs about £0.40 per liter, why might the optimal tax in Canada be 50 percent higher than in the United States? What would be an explanation for why adjacent countries would have such different estimates of the price elasticity of demand for auto driving?16