Explain the following statement: Our tax rates are progressive.

Assuming that taxes are to be raised, which tax increase would be least detrimental to long term economic growth, a GST/HST increase or an increase in income tax? Assume that either of the increases would be revenue neutral, i.e., the federal government would take in the same amount of revenue with either tax that is raised.

Explain the differences between something being tax-deferred or tax-exempt. Which retirement plan, that we discussed, is tax-exempt?

The equation for M & M Proposition I, with taxes, is best shown as?

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.

Are progressive taxes the most equitable for all people?

Which of the following will tend to INCREASE the benefit of the interest tax shield given a progressive tax rate structure?I An increase in tax ratesII A large tax loss carry forwardIII A large depreciation tax deduction IV A sizeable increase in taxable incomeA) I and III onlyB) I and IV onlyC) II and III onlyD) I, II, III and IV.

In the case of property tax, government costs are low but taxpayer cost are high? True or false