Principles of Microeconomics, 7th Edition (MindTap Course List)
7th Edition
ISBN: 9781285165905
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 12, Problem 1QR
To determine
The trend of government tax revenue over the past century.
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Over the past century, has the government’s tax revenuegrown more or less slowly than the rest of the economy?
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Chapter 12 Solutions
Principles of Microeconomics, 7th Edition (MindTap Course List)
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Similar questions
- How do taxation and government spending impact the economy of a country positively in three ways and negatively in three ways?arrow_forwardDoes tax cuts reduce tax revenue?arrow_forwardDiscuss the taxation system of the United States. What kind of system does the U.S currently employ? What are the differences between direct and indirect taxes? What flaws does our tax system have, if any?arrow_forward
- Which system of taxes is best? Why does that system is the most effective way for the government to generate revenue and maintain our economy's growth?arrow_forwardDo you think taxpayers would be willing to pay higher property taxes if the revenue is earmarked for a specific purpose?arrow_forwardwhy is the tax rate 6?arrow_forward
- In 1989, Senator Bob Packwood asked Congress’s Joint Committee on Taxation how much extra revenue the government would raise if it just started taxing 100% of all income over $200,000 per year. The Joint Committee crunched some numbers and reported an answer: $204 billion per year. a. What is wrong with this answer? In 1989, very few people made over $200,000 a year, so the estimate of the tax revenue is far too high. Increasing government spending by $204 billion each year would have generated economic growth, and subsequently even higher amounts of tax revenues. The Joint Committee on Taxation did not have the tools needed to make such an estimate accurately. No one would have an incentive to work once they had earned $200,000, so much of the taxable income would disappear.arrow_forwardWhich of the following is NOT a reason that governments impose taxes? To finance government spending To influence the behavior of households and firms To alter the distribution of income in society These are all reasons why governments impose taxesarrow_forwardHow can tax incidences have a positive and negative impact on the economy?arrow_forward
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