What is your understanding of various revenue sources at each level of government ?
Describe how the concept of tax equity applies to income, payroll, and wealth-based taxes vs. transaction-based taxes.
A tax is a compulsory levy imposed by a public authority against which tax payers cannot claim anything. It is not imposed as a penalty for only legal offence. The essence of a tax, as distinguished from other charges by the government, is the absence of a direct quid pro quo. A licence fee is paid in those instances in which the Government authority is invoked simply to confer a permission or a privilege. The government acts like a business- person and the public acts like its customers. The government may either sell goods or render services like train, city bus, electricity, transport, posts and telegraphs, water supply, etc. The government also earns revenue from the production of commodities like steel, oil, life-saving drugs, etc. Fines and penalties They are the charges imposed on persons as a punishment for contravention of a law. The main purpose of these is not to raise revenue from the public but to force them to follow law and order of the country. Printing paper money is another source of revenue of the Government . It is a method of creating extra resources.
A transaction tax is not a levy on financial institutions per se, rather, it is charged only on the specific transactions that are designated as taxable. So if an institution never carries out the taxable transaction, then it will never be subject to the transaction tax whereas wealth tax is levied on total value of personal asset including bank deposit etc. and the tax chargeable on income of a particular person beyond the exempted limit is a tax levied from their income may be from any source, and payroll taxes are the taxes levied for the services rendered as a professional to any organisation by his personal capacity.
What is your understanding of various revenue sources at each level of government ? Describe how...
Describe how the concept of tax equity applies to income, payroll, and wealth-based taxes vs. transaction-based taxes
What are various revenue sources at each level of government? Explain
The two largest sources of tax revenue for the U.S. federal government are Multiple Choice excise taxes and customs duties. payroll taxes and excise taxes. personal income taxes and payroll taxes. personal income taxes and corporate income taxes. The market system's answer to the fundamental question "How will the goods and services be produced?" is essentially Multiple Choice "With as much machinery as possible." "Using the latest technology." "By exploiting labor." "In ways that minimize the cost per unit of...
What are the four major considerations given to adopting a revenue source known as the principles of taxation? Describe what they are and their purpose. What is the concept of tax equity? Describe the various factors that must be considered when determining tax equity. What are progressive taxes and regressive taxes? Why are sales taxes considered regressive? Provide three examples of goods subjected to selective sales taxes. Describe the public purpose goals of the selective sales tax for each of...
Describe the concept of tax progressivity. In that context, what do governments need to consider in devising a tax system? Given those considerations, what do governments in the U.S. choose to tax and why? Describe the revenue sources used by each level of government in the U.S. as well as the principle differences between fees and taxes. Which of each is voluntary?
How do laws originate? Explain the differences between various sources of law and describe the branches of government and their roles in creating, administering, and enforcing law. In addition, what are the differences between contract law and tor law? What about public law versus private law? Please write clearly and I need source too. Thank you so much (Subject is Med Law and Ethic)
What are the primary tax revenue sources at the federal, state, and local levels of government? What is the difference between the marginal tax rate and the average tax rate?
Using picture and words, describe your understanding of what happens on the molecular level when SALT (NaCl) dissolves in water. Using picture and words, describe your understanding of what happens on the molecular level when SUGER (C12H22O11) dissolves in water.
Explain how the attribution process works and b. describe the various sources of bias and social perception. c. What is ‘impression management’? Describe the term and offer some tips as to how it is done.
Based on various theories about the lifespan, how will your understanding of the various stages of life (physically, cognitively, and psychosocially) influence you in your future career? Is there one theory that really sticks out to you?