Identify the following 1. It refers to the revenue and expenditure measures of the public budget 2. It intends to use large portion of the national resources for social services

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):

Sales taxes tend to be regressive, that is why food, medicine are often excluded? True or False

3. Question 3 options:   Economic policies that involve government spending and taxes are known as                   .

Total budget expenditure is 8100 and the total budget receipts are 6101 find the budgetary deficit