What are the characteristics of Taxes, please discuss each,

Q: Define progressive tax.

A: A tax refers to an amount imposed on the person, commodities or any other item to earn revenue for…

Q: Suppose the tax rate on the first $10,000 income is 0; 10 percent on the next $20,000; 20 percent on…

A: Tax rate:For first 10,000=0%10000-30000=10%30000-50000=20%50000-80000=30%80000 and above=40%

Q: Define the term Marginal Tax Rate?

A: Marginal tax rate is the rate at which tax is incurred on an extra dollar of income. In United…

Q: Explain three different types of taxes imposed in the United States including the reason for its…

A: Following are the three types of tax imposed in the United States: Progressive Regressive…

Q: Suppose a high-income person, a middle-income person, and a low-income person purchase identical…

A: Mortgages interest is one of the most utilized tax breaks/deductibles.  Most countries have a higher…

Q: What are the two aspects of taxation? Explain each. (Please include the references

A: Taxation refers to levying of tax by a government authority. It is done to raise tax revenue. The…

Q: What happens to consumer and producer surpluswhen the sale of a good is taxed? How does thechange in…

A: The following diagram shows the producer and consumer surplus when the sale of the good is taxes.…

Q: What is merits and demerits of direct tax?

A: A tax is described as one that the government imposes on citizens who participate in the economy in…

Q: Give an example for the Average Tax Rates?

A: Average tax rate is the tax paid as a percentage of total income. The average tax rate can be…

Q: What are the consequences of an increase in direct taxation?

A: Tax is the charge which is levied by the government. It is a source of government revenue which the…

Q: progressive income tax has a greater deadweight loss compared to a proportional incone tax ?…

A: Progressive income tax is a situation when the level of taxes increases with the increase in income…

Q: Under which type of taxation do you pay a higher percentage the more money you make? A Progressive B…

A: Taxation refers to the process through which a government or taxation body imposes or levies a tax…

Q: Explain how an increase in tax can reduce tax revenue of a government

A: Tax is the major source of revenue for the government. The major government spending is funded from…

Q: Name three types of taxes and analyze the deadweight loss of each.

A: Tax is cash that must be paid to the state by individuals. Tax payments were intended to provide for…

Q: Attached is a graph diagram depicting the market for soft drinks. If an excise tax equal to $1 per…

A: In the market for the soft drinks figure, it is identified that the equilibrium is obtained at the…

Q: 3)  Are excise taxes, like those on tobacco, gasoline, and alcohol, Progressive, Proportional, or…

A: Regressive tax imposes more burdens on poor households than the rich ones because it is same…

Q: Case II: Attached is a graph diagram depicting the market for soft drinks. If an excise tax equal to…

A: The following figure is given:

Q: What are the civic implications of taxation?

A: Taxation refers to the economic factor that is used by the government to generate revenue and use…

Q: What are the fundamental principles of taxation?

A: Taxation means levying or imposition of particular amount of tax on individuals by the government in…

Q: Suppose that a city government introduces a $0.50 excise (commodity) tax on consumers of bottles of…

A: An excise tax is defined as the tax imposed while producing the goods. In the case, the tax imposed…

Q: Applying John Rawls’ theory of justice in taxation, do you think that it is fair for some taxpayers…

A: A degressive expense is one in which rates are level yet exclusions or travelers are permitted,…

Q: In the market for therbligs, the supply curve is Ps=$10+$0.05Qs  and the market demand curve is…

A: Demand Equation: P=20-0.10Qd Supply equation : P=10+0.05Qs Equilibrium:  0-0.10Qd=10+0.05Qs Demand…

Q: 5. The tax system is used to reduce income inequality through the use of _____ taxes. Select one:…

A: We know that Tax is the amount that is charged by the government from an individual or an…

Q: Illustrate each of the following situations with a graph showing IS curve: a. An increase in taxes

A: Tax is a unilateral payment made from the public to the government for many purposes such as for the…

Q: What are the characteristics of Taxation

A: Taxes are levied in almost every country in the world. It is levied to raise revenue for the…

Q: What is retrospective tax?

A: Tax is a compulsory payment imposed on the individuals, household and firms. Taxes are generally…

Q: Discuss how a government might use taxation to affect the distribution of income

A: In an economy, the inequality of income distribution can be explained by the situation when a richer…

Q: What is progressive tax

A: A tax based on the ability of the taxpayer to pay is called a progressive tax. It is a system of…

Q: The government decides to impose a unit-tax on producers instead of a unit-sales tax on consumers,…

A: Tax incidence is the contribution of the burden of the tax imposed by the government. It is based on…

Q: Discuss the effects of direct taxes on consumer behavior.

A: Direct taxes are those taxes which are payable on the income of an individual or entity. Income tax,…

Q: Give a brief example of proportional tax system

A: Depending upon the relationship existing between the rate of structure of taxes and income or wealth…

Q: What are the characteristics of Taxation? Discuss each briefly. (Please include the references, I…

A: Public finance is a subpart of economics that studies the expenditure and revenues of the public…

Q: What is progressive and regressive tax?

A: Tax is a mandatory payment usually levied by the government authorities on the individuals,…

Q: Which of the following is an example of a progressive tax?a. The excise tax on cigarettesb. The…

A: OPTION C - Federal Personal Income Tax A progressive tax is a tax where the tax burden increases…

Q: What are the theories and bases of taxation? Explain each. (Please include the references, I really…

A: There are 2 main theories of taxation : The force of tax collection continues upon the hypothesis…

Q: explain why taxation is considered as the lifeblood of the state

A: Taxation: It is a compulsory charge which is being levied on the individuals or groups by the state…

Q: USes a tax of S0.60 per soft drink purchased. The price paid by the consumer becomes = b) Refer to…

A: Imposition of tax on goods sold decreases supply of the good.

Q: Discuss the taxation system of the United States. What kind of system does the U.S currently employ?…

A: Taxes are non-voluntary taxes imposed on individuals or companies by a government agency (local,…

Q: Why is the burden of a tax to taxpayers greater thanthe revenue received by the government?

A: Tax Burden is a proportion of the taxation rate forced by government. It incorporates direct…

Q: Compare progressive, regressive, and proportional taxes. Give at least oneexample of each type of…

A: A proportional tax is the one in which a fixed percentage of tax is imposed on the income of all the…

Q: Why does taxation create an excess burde

A: The excess burden of taxation is the efficiency cost, or deadweight loss, associated with taxation.…

Q: Suppose that your state raises its sales tax from5 percent to 6 percent The state revenue…

A: Given: Sale increased from 5% to 6%