Chapter 1, Problem 4DQ

How are national taxes similar to and/or different from local taxes?

Which of the following best reflects the ability-to-pay philosophy of taxation?         a tax on residential property        a progressive income tax        an excise tax on gasoline        an excise tax on coffee

The current federal income tax structure is progressive in nature. First, explain what that means. Second, regarding the proposal for a "flat tax", comment on both justification for and major obstacles to enactment.

The Social Security tax is often described as a regressive tax since only earnings below a certain threshold are taxed. What is your opinion on the fairness of this tax?

The government has recently implemented many tax changes due to the American Reinvestment and Recovery Act. What are some of those changes and how do they help taxpayers?

Which of the following is an example of a regressive tax? a) Income tax b) Sales tax c) Property tax d) Corporate tax

Basic community tax is an example of _______ while income tax is a kind of _______.A. Poll tax; excise taxB. National tax; local taxC. Excise tax; property taxD. Privilege tax; capitation tax

What are some of the notable characteristics of tax?  What is not considered a tax base used by government agencies to collect tax?  Federal income taxes include a variety of different tax bases. What tax base is not a federal tax?  Like federal income taxes, state and local taxes include a variety of different tax bases. What tax base is neither a state nor local tax?  Even though transfer taxes do not affect all individuals, individuals affected by a transfer tax can experience a high tax liability. What taxes are not considered a transfer tax?  Tangible personal property is taxed by state and local governments. What is an example of something that is not considered tangible personal property? What is an example of something that excise tax is not levied on?  It is not unusual for people to make a mistake on their individual tax returns. When an individual taxpayer realizes that a mistake has been made, an amended tax return should be filed. Due to the statute of limitations in the…

At the federal level, the single most important tax, accounting for slightly less than half of revenue, is the: Select one: O a. personal income tax. O b. sales tax. O C. property tax. O d. corporate income tax.