What are the classification of taxes? And please describe and explain each

Q: Explain marginal tax rate.

A: 1-The marginal tax rate is the additional/extra tax rate paid for every additional/extra income…

Q: 1. Suppose the marginal or bracket tax rate for income from $1 to $15,000 is 12%, the marginal tax…

A: A progressive tax is a tax/duty wherein the expense rate increments as the available income/taxable…

Q: Give two arguments why wealthy taxpayers shouldpay more taxes than poor taxpayers

A: 2 arguments that why wealthy taxpayers should pay more taxes than the poor are as follows: ·…

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: 10. Understanding marginal and average tax rates Using the information provided on the income tax…

A: The marginal tax rate is the additional tax income due to a change in tax liability. The marginal…

Q: Your Finance Minister considers making a tax reform. He asks you, as a senior tax administrator, to…

A: There are five basic requirements that must be satisfied by a good tax system : Fairness Adequacy…

Q: Which of the following is true in the United States? O A. Only state governments can collect taxes.…

A: Tax is the compulsory payment to the government and it is the main source of government revenue.…

Q: 1. Explain the concept of efficiccy loss in taxation.

A: Note: In the BNED Guidance, only the first question can be answered at a time. Resend the question…

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: Explain briefly the three main purposes in exercising taxation power.

A: Taxation is defined as the power of accumulation of revenue and raiserevenue from the people to…

Q: In Virginia, in 2019, if you made $10,000 a year in income, you paid $120 +5% of excess over $5,000.…

A: There are different types of taxes imposed by the government on the basis of the type of transaction…

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: Suppose that a nation decides to introduce a new income tax system with the tax brackets shown in…

A: Since you have not mentioned the sub-parts you need help with and since we are entitled to answer up…

Q: xplain the benefits principle and the ability-to-pay principle. What are vertical eguity and…

A: Microeconomics is the study of how people and businesses allocate resources and set prices for…

Q: Suppose the demand for cigarettes is Q = 15 - 0.5Pand the supply of cigarettes is Q = P - 3, where P…

A: Equilibrium is achieved at the output level where Qs equals Qd

Q: What are the characteristics of Taxes, please discuss each,

A: Taxes are the payment made by citizens of country to government of the country and citizens does not…

Q: Now calculate the government's tax revenue if it sets a tax of $0, $20, $40, $50, $60, $80, or $100…

A: tax Q TR 0 60 0 20 48 960 40 36 1440 60 24 1440 80 12…

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: What kind of system does the U.S currently employ?

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Describe the two basic philosophies of taxation fairness. How are these philosophies evident in the…

A: Tax fairness is a principle that states that a government's tax system should be equal to all…

Q: Whichofthefollowingstatementsis(are)correct? (x)  A person’s tax liability refers to the amount of…

A: In an economy, government imposes tax on the people based on their income level and this tax is…

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: What are the classifications of taxes? Describe each briefly.

A: Taxes can be classified under three types. Direct and Indirect tax Ad-valorem and specific tax…

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

A: Taxes are the compulsory payments imposed by government on the taxpayer to collect funds for…

Q: Suppose in Fiscalville there is a O percent tax on the first $10,000 of income, but there is a 20…

A: Given information:

Q: Suppose in Fiscalville there is a 5 percent tax on the first $10,000 of income, but there is a 15…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three subparts…

Q: What is taxation and describe the evolution of philippine taxation and how does it affects to the…

A: Taxation differs from other forms of payment, such as market trades, in that it does not require…

Q: The federal government currently uses many forms of taxation, both direct and indirect, to raise…

A: Direct taxes are taxes that are imposed on natural persons and they are based on the taxpayer’s…

Q: Suppose in Fiscalville there is a 5 percent tax on the first $10,000 of income, but there is a 15…

A: The average tax rate is the total amount of tax divided by total income.

Q: discuss in detail what is the importance of dircet taxation and how application of direction…

A: Direct taxes, such as income tax, poll tax, land tax, and personal property tax, are one sort of tax…

Q: The market demand for steel is QD = 240–6P and the market supply for steel is QS= –60 +4P.…

A: In a competitive market, there exists a large number of buyers and sellers of the good in the…

Q: 23. Which of the following is an indirect tax? A tax on company profits consumer goods and services…

A: Tax refers to the payment made by a consumer or producer to the government of a nation. It is used…

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: Within the context of taxation policy, many economists have preferred the use of consumption tax to…

A: The income tax is the tax that is levied on the income of the people directly. It is collected,…

Q: What is regressive and degressive tax?

A: In order to raise money for important public projects like providing the best infrastructure and…

Q: Suppose you are a typical person in the U.S. economy. You pay 4 percent of yourincome in a state…

A: Taxes are referred to as mandatory contributions which are levied on individuals or businesses by…

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: 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: 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: 1. What is the relative importance of taxation to the economy of the country? Give at least three…

A: Since you have asked multiple questions, we are answering the first one for you. If you want the…

Q: Suppose in Fiscalville there is a 5 percent tax on the first $10,000 of income, but there is a 15…

A:

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%