What type of tax raises the most revenue for the federal government?  What is the largest source of revenue for state and local governments? What is the difference between a progressive tax and a regressive tax? Give an example of each.

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: katie earns $40,000 and pays $4,500 in taxes and Samantha earns $80,000 and pays $9,000 in taxes,…

A: Taxes are the share of income which is charged by the government.

Q: Explain tax abatements and how are they different from tax expenditures?

A: It affects the application of a credit to the whole taxes owed. Though circumstances may change,…

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: Federal payroll taxes to fund the EI program are levied at a combined rate of 1.58 percent up to an…

A: There are usually three kinds of taxes that are levied by the state  Progressive tax - This is the…

Q: Which of the following is a significant revenue source for state and local governments, but not the…

A: Taxes are the amount charged by the government for the services provided and are the means of…

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

A: Taxes are the payment which households made to government of country . It is a compulsory payment…

Q: The single largest source of revenue for the federal government are corporate income taxes.

A: The various sources of government revenue includes taxes, fines, fees, interest charges, etc. Taxes…

Q: What is a progressive income tax?

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

Q: Which type of taxation places a higher burden on people that do not make a lot of money? A…

A: Taxation is the imposition of mandatory taxes by governments on persons or corporations. Taxes are…

Q: Discuss the view that the best way to achieve greater equity in the distribution of income in a…

A: The concept that depicts that every income group in a nation would be having similar and a less…

Q: What is meant by a progressive tax? A regressive tax? A proportional tax? Comment on the…

A: Hey, Thank you for the question. According to our policy we can only answer up to 3 sub parts per…

Q: Which of the following best describes a progressive tax system? It redistributes income from lower…

A: Progressive tax system is a system where people with higher incomes be higher taxes and people of…

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: What will happen to the amount of taxes collected by the government during a recession when there is…

A: please find the answer below.

Q: Which of the following is a significant revenue source for state and local governments, but not the…

A: The tax is a unilateral payment made by the public towards the government for various purposes. The…

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: EXPLAIN THREE WAYS IN WHICH TAXATION AND GOVERNMENT SPENDING IMPACT THE ECONOMY POSITIVELY AND…

A: Positive impact of taxation Cutting taxes enhance demand by increasing disposable income and…

Q: a. A progressive tax is one in which the average tax rate is constant as income increases. O the…

A: " Since you have posted a question with multiple sub-parts, we shall answer the first sub-parts . To…

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: 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: what is Regressive Tax System in economics?

A: A regressive tax system refers to the system of taxation where tax rate and taxable amount are…

Q: Assume a state's general sales tax is 6%; this is an example of a _______________ income tax.

A: Assume a state's general sales tax is 6%; this is an example of a regressive income tax. The correct…

Q: Government collects the largest percentage of its revenue in which of the following ways?

A: Taxes refer to the monetary payment made to the government of a nation on the purchase or sale of…

Q: Briefly explain the following concepts: a. Progressive tax structure b. Crowding-out effect

A: a) The progressive tax structure is a system in which the tax rate increases as the taxable income…

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: Give a brief example of regressive tax system

A: There are three tax system which are:- (1) Proportional tax system (2) Progressive tax system (3)…

Q: What do you understand from the sustainability problem of the fiscal stimulus packages implemented…

A: When the economy is facing a recession, the government can stimulate the economy by using…

Q: List the main categories of federal revenue and spending and describe the difference between…

A: Apart from maintaining law & order and protecting a nation against external threats (national…

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: Suppose a tax is such that an individual with an income of $10,000 pays $2,000 of tax, a person with…

A: Taxes is the compulsory payment levied on the citizens by the government. The tax is said to be…

Q: Refer to the following table for Waxwania: Government Expenditures, G Tax Revenues, T Real GDP $170…

A: a.  As the tax rate at every unit of Real GDP is the same, i.e. 20% of the Real GDP, therefore, the…