A tax that requires those with low incomes to pay a smaller percentage of their income...
A tax that requires those with low incomes to pay a smaller percentage of their income than high-income earners is a:
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flat tax.
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proportional tax.
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progressive tax.
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regressive tax.
Homework Answers
A progressive tax imposes a greater percentage of taxation on higher income levels
Third option is correct answer
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A tax that requires those with low incomes to pay a smaller
percentage of their income...
If government tax policy requires Jasmin to pay $30,000 in taxes on annual income of $200,000...
If government tax policy requires Jasmin to pay $30,000 in taxes on annual income of $200,000 and Paul to pay $10,000 in tax on annual income of $100,000, then the tax policy is: -Proportional - optional - regressive -progressive
19) A flat tax is a tax with a single margional tax rate. If households could...
19) A flat tax is a tax with a single margional tax rate. If households could deduct $15,000 and then face a marginal tax rate of 25% on all additional income, would the tax be: A) Proportional B) Regressive C) Progressive D) Regressional 20) Disposable income is defined as A) Income you throw away. B) Income after taxes. C) Income after taxes and essentials. D) Income after rent and insurance. 21) Which of the following statement about Social Security is...
Use the information in the table to answer the questions about the tax system in the...
Use the information in the table to answer the questions about the tax system in the country of Lilliput. Calculate the income tax rate for each person and enter it as a percent. Income Taxes paid Joey 890000 $27000 Monica $80000 $20000 Chandler $75000 $15000 Joey's tax rate: Monica's tax rate: Chandler's tax rate: Is this a progressive, regressive, or proportional tax system? Suppose the government of Lilliput voted to decrease taxes on the top earners and increase it on...
13 a. The following tax proposal has income as the tax base. Calculate the marginal tax...
13 a. The following
tax proposal has income as the tax base. Calculate the marginal tax
rate for an income of $5,000 and an income of $40,000. Then,
calculate the percentage of income paid in taxes for an individual
with a pre‐tax income of $5,000 and for an individual with a pre
tax income of $40,000. Classify the tax as being proportional,
progressive, or regressive. Round answers to two places after the
decimal, where applicable.
Tax Proposal: All income is...
6. Federal Income Tax in the US in general are: Regressive tax system Flat tax...
6. Federal Income Tax in the US in general are: Regressive tax system Flat tax system Progressive tax system Proportional tax system
does a progressive tax system by itself guarantee that resources will be redistributed from the rich...
does a progressive tax system by itself guarantee that resources will be redistributed from the rich to the poor? Explain. is the tax system in the united states progressive, regressive or proportional? does the tax spending in the united States redistribute resources from higher income earners to lower income earners?
1. An income tax is progressive if Multiple Choice lower-income households pay a larger share of...
1. An income tax is progressive if Multiple Choice lower-income households pay a larger share of their income in taxes than higher-income households. higher-income households pay a larger share of their income in taxes than lower-income households. most of the tax revenue is used to benefit lower-income households. most of the tax revenue is used to benefit higher-income households. 2. Among the reasons for high CEO pay are all of the following EXCEPT Multiple Choice the people who are capable...
1. The percentage of an additional dollar that is paid in tax is called A. a...
1. The percentage of an additional dollar that is paid in tax is called A. a regressive tax. B. the average tax rate. C. a proportional tax. D. the marginal tax rate. E. a progressive tax. 2. If the average tax rate remains constant as income? changes, the tax is A. progressive. B. regressive. C. definitely fair. D. proportional. E. impossible to determine with the information given. 3. When each taxpayer pays the same average tax rate regardless of the?...
2. Suppose that a tax system is set up as follows: Everyone gets to subtract $3,000...
2. Suppose that a tax system is set up as follows: Everyone gets to subtract $3,000 from their income and then pays the government 20 percent of the rest. Is this tax proportional, progressive, or regressive? Show your reasoning. (Hint: Calculate what households with incomes of $10,000 per year, $50,000 per year, and $100,000 per year would pay in taxes and what percentage of their total income their taxes represent.)
What is the structure of the U.S. income tax system? A. The U.S. income tax system...
What is the structure of the U.S. income tax system? A. The U.S. income tax system is a progressive tax system where the marginal tax rate exceeds the average tax rate. B. The U.S. income tax system is a regressive tax system since higher income individuals pay a higher tax. C. The U.S. income tax system is basically a proportional tax system since all people with the same income pay the same tax. D. The U.S. income tax system only...
19) A flat tax is a tax with a single margional tax rate. If households could deduct $15,000 and then face a marginal tax rate of 25% on all additional income, would the tax be: A) Proportional B) Regressive C) Progressive D) Regressional 20) Disposable income is defined as A) Income you throw away. B) Income after taxes. C) Income after taxes and essentials. D) Income after rent and insurance. 21) Which of the following statement about Social Security is...
Use the information in the table to answer the questions about the tax system in the country of Lilliput. Calculate the income tax rate for each person and enter it as a percent. Income Taxes paid Joey 890000 $27000 Monica $80000 $20000 Chandler $75000 $15000 Joey's tax rate: Monica's tax rate: Chandler's tax rate: Is this a progressive, regressive, or proportional tax system? Suppose the government of Lilliput voted to decrease taxes on the top earners and increase it on...
13 a. The following
tax proposal has income as the tax base. Calculate the marginal tax
rate for an income of $5,000 and an income of $40,000. Then,
calculate the percentage of income paid in taxes for an individual
with a pre‐tax income of $5,000 and for an individual with a pre
tax income of $40,000. Classify the tax as being proportional,
progressive, or regressive. Round answers to two places after the
decimal, where applicable.
Tax Proposal: All income is...
2. Suppose that a tax system is set up as follows: Everyone gets to subtract $3,000 from their income and then pays the government 20 percent of the rest. Is this tax proportional, progressive, or regressive? Show your reasoning. (Hint: Calculate what households with incomes of $10,000 per year, $50,000 per year, and $100,000 per year would pay in taxes and what percentage of their total income their taxes represent.)
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