Answered: 5. The tax system is used to reduce…

5. The tax system is used to reduce income inequality through the use of _____ taxes. Select one: a. progressive b. regressive c. efficiency offset d. proportional.?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: The government raises revenue through taxation to pay for the services it provides. a. True b. False

A: Governments are institutions or entities that hold authority over a defined geographical area or a…

Q: Prix P3 P2 P1 -Taxe A D C Q₁ B 0₂ O D Quantité

A: A tax is a statutory fee charged by the government authority to spend money on public expenditure.…

Q: If the demand for a product is perfectly elastic, a tax of $1 per unit imposed on sellers will a.…

A: This can be defined as the concept that shows the revenue of the government of that nation by which…

Q: The two largest sources of tax revenue for theU.S. federal government area. personal and corporate…

A: ANS According to the data available US federal govt. collects about 50% of its tax revenue from…

Q: 95. Homeowners a. benefit from several loopholes. b. must pay tax on the “income” of living…

A: The tax is the unilateral payment made by the public to the government for various purposes such as…

Q: Which is wrong? EXPLAIN a. The government should tax itself. b. The government can tax itself. c.…

A: In an economy, government is the highest ruling authority that runs the economy based on its…

Q: 17. To which of the following government programs would a single, cross-country truck driver with no…

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: Write the letter of your choice on the space provided before each number. Thus, A – if only the 1st…

A: Progressive tax system is based on the ability to pay the principle.

Q: Three neighbors share a private dirt road off the main highway that leads to their homes. The Huang…

A: A proportional tax is the rate of tax that remains the same for all the income types of groups.…

Q: All of the following are sources of inefficiency except: a. public goods. b. the invisible hand. c.…

A: Hi, according to our guidelines we are allowed to answer only one question in a single session. So I…

Q: 6. "Incidence or the burden of the tax": a. What portion of the tax is paid by the buyers (in $)?…

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

Q: PART I Show/graph the following using demand and supply curves. 1. Buyers of a product will bear the…

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

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

A: Tax is the amount that is charged by the government from an individual or an organization on their…

Q: Choose the Letter of the Correct Answer. 1. It is an act of laying a tax. A. Theory of tax B.…

A: NOTE- First three parts has been answered according to Bartleby's answering policy. If you need…

Q: Given the tax structure below; Identify using a table the areas Before and After CS, PS and TS.…

A: Consumer surplus is the area below demand curve and above price. Producer surplus is the area below…

Q: 1-The city of Seaview operated at an $ 543,000 surplus this year. The surplus suggests that the…

A: Since, the city has a positive revenue after taxation, therefore, the surplus suggests the Tax…

Q: 4. Which of the following taxes satisfy the benefits-received principle, and which satisfy the…

A: benefits-received principle: The benefits-received principle is a principle of taxation that shows…

Q: 4. Why do government entities impose taxes and how is the type of taxation chosen (e.g., excise v.…

A: Governments impose taxes for various reasons, including raising revenue to fund government…

Q: Which tax system requires higher-income taxpayers to have lower tax rates, even though they pay a…

A: Considering a broad category, there are 3 types of taxes:- Regressive, progressive and proportional.…

Q: The base Medicare payroll tax (currently 1.45%) is an example of a _______________ income tax. A.…

A: Proportional tax: The tax system that takes the same percentage of income from individuals,…

Q: true

A: Cigarette tax is an excise tax Excuse taxes are specific taxes required on goods and services like…

Q: Write true or false for the following: a.The government modifies the taxation system sometimes…

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

Q: 3- Why the government sector imposes a tax on firms and households.

A: Government spending plays an important role in stimulating the economic growth of an economy because…

Q: 8. Generally, the following can exercise the power of taxation, except: a. The local sanggunian b.…

A: Answer 8) Option c is correct The President only who does not have any power related to Taxation as…

Q: he following table shows tax payments made for various incomes. According to the information in the…

A: The following problem has been answered as follows:

Q: A tax that takes a smaller percentage of an individual's income as their income rises is called a a.…

A: Tax are the mandatory charge levied by the government. There are two types of tax:- direct tax and…

Q: What effect does implementing a progressive tax system have on income inequality in a country? A. It…

A: A progressive tax system is one in which the tax rate increases as the taxable amount increases. It…

Q: A progressive tax is: A. designed to take a greater percentage of the income of lower-income…

A: Progressive means the one which increases with it's variable. This means progressive tax is the tax…

Q: 1.A progressive tax: A. takes a smaller share of the income of high-income taxpayers than of…

A: “Since you have posted multiple questions, we will provide the solution only to the first question…

Q: The U.S. federal income tax is an example of a _______________ income tax. a. regressive b.…

A: Income tax is a tax that is charged on the income of individuals, businesses, and other entities.…

Q: $10,000 of income and a marginal rate of 5% on the second $10,000 of income. You make $18,000 a vear…

A: The marginal tax rate is the tax rate you pay on an additional dollar of income. Here, we calculate…

Q: The two largest sources of tax revenue for the U.S. federalgovernmentarea. individual and corporate…

A: Tax revenue is the total amount of money collected by a government through the imposition of taxes…

Q: A progressive tax system implies that the proportion of income paid to taxes rises as income…

A: A progressive tax is one that is based on the ability of the taxpayer to pay.

Q: Discuss the key tenets of the U.S. personal income tax code. For example, our tax rates are…

A: A tax code is indeed a federal govt document that describes the rules that people and organizations…

Q: If a tax system is well designed: Select one: a. then efficiency can be improved only by making the…

A: Answer - Need to find - If a tax system is well designed Evaluating the option - a. then efficiency…

Q: A payroll tax is an example of a since it taxes the same percentage for all incomes. AProportional…

A: Taxes are the amount that is charged from the consumer. All the goods and services that are used by…

Q: Define individual income tax. A. Individual income tax is the tax an individual pays to the…

A: Meaning of Tax Imposition:The term tax imposition or the tax hike refers to the situation under…

Q: suppose Lena makes $50000 per year and Mariah makes $65000 per year. If each pays $5000 in taxes:…

A: - Proportional: Everyone pays the same percentage of their income in taxes.- Progressive:…

Q: A progressive tax system is one in which the average tax rate increases as income increases. Don't…

A: Taxation is the cycle by which a government or other taxing power powers a financial charge or duty…

Q: Discuss the five properties of a good tax system 2. Discuss why there are inefficiencies in the…

A: A tax system refers to the framework of laws, regulations, and procedures that a government uses to…

Q: Which type of taxation is set up where everyone pays the same percentage? A Progressive B Regressive…

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

Question

The tax system is used to reduce income inequality through the use of _____ taxes.

Select one:

a. progressive

b. regressive

c. efficiency offset

d. proportional.?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Question: 2The government is interested in imposing a tax to generate revenue X. It is considering whether they should tax the consumer’s income or impose a tax on a commodity y. What should the government do if they do NOT care about consumer welfare? Use three graphs to illustrate your answer and explain those graphs in your answer.
Tax incidence refers to ? A. the average tax rate. B.how much revenue a tax generates. C.the extent to which a tax is proportional. D. who bears the burden of a tax.
With the aid of appreciate diagram explain the following: a. Negative taxation b. Tax on supply c. Tax on demand
Question 4 Figure #3: The graph below represents a $10 per unit tax on a good then the amount bought and sold in the market is only 4 units. Note that Q represents quantity and P represents price. P. 24 20 A 16 Supply 12 GIH 8. 4. K M Demand 4 6 10 12 14 16 Refer to Figure #3. The government collects tax revenue that is (or are) the area(s) represented by the area OF-G-L OL OB-D Oc-F
Which of the following is an example of a progressive tax?a. The excise tax on cigarettesb. The federal tax on gasolinec. The federal personal income tax d. All of the above answers are correct
c. A progressive tax d. A regressive tax QUESTION 3 Corporate profits are a. taxed to pay for Medicare. b. exempt from taxes. c. included in payroll taxes. d. taxed twice, once as profit and once as dividends. QUESTION 4 A value-added tax or VAT is a tax on a. retail purchases only. b. pollution. c. all stages of production of a good. d. wholesale purchases only. QUESTION 5 Table 12-17 INCOME $50,000 100,000 200,000 AMOUNT OF TAX $12,500 (25%) $25,000 (25%) $50,000 (25%) TAX A
40. The most efficient tax system has a broad tax base and a low tax rate. A) True B) False 41. Making the income tax more progressive by adding more tax brackets potentially can result in A) stronger economic growth B) a more "equitable" tax C) no effect on equity or economic growth D) slower economic growth 42. The Atlanta city council decides to double taxes on small business in the downtown area to raise more tax revenue to fund more social programs. From an economic growth perspective, why is this a misguided economic policy? A) it is not a bad policy; doubling taxes will automatically double tax revenue B) excessive taxes on business can result in reduced jobs, incomes and business creation because business simply moves to a new government jurisdiction. C) it is not a bad policy; raising taxes will double tax revenue, raise income levels, and encourage business creation. D) excessive taxes will provide more social benefits, so business will tolerate unusually high taxes and stay…
3.Define progressive tax.asap
MACROECONOMICS Progressive Tax Based on your yearly income above, calculate the amount of tax each income bracket would pay under a progressive tax plan. Each row up to the total income amount should be filled in. For an example of a completed chart, go to Page 4 of Lesson 05.03: Sharing with Uncle Sam. Calculate the tax for $95,000. For example, $10,000x40%-%$4,000 in tax. Show your work!! Proposed Regressive Plan Calculate the tax for S25,000. For example, $10,000x40%=$4,000 in tax. Show your work!! 10% on income up to $25,000 20% on income between S25,000 and S34,000 25% on income between S34,000 and S44,000 30% on income between $44,000 and S80,000 40% on taxable income over S80,000 TOTAL TAX PAID (sum of all rows):
Which tax system requires higher-income taxpayers to have lower tax rates, even though they pay a larger amount of tax when compared to lower-income taxpayers? a. a proportional tax b. a progressive tax c. a regressive tax
The benefits received principle of taxation asserts that Select one: a. Society at large should pay for the taxes b. The one who benefit most from public goods should pay the taxes c. Tax burden should be apportioned according to taxpayers’ income and wealth d. All the answers are correct e. None of the answers are correct
A proportional tax is a tax for which people with lower incomes Group of answer choices A. pay a higher percentage of their incomes in tax than do people with higher incomes. B. pay a lower percentage of their incomes in tax than do people with higher incomes. C. pay the same percentage of their incomes in tax as do people with higher incomes. D. pay the same amount of taxes as people with higher incomes pay.