Question

One of these questions I know is wrong because I'm getting marked off for 3 out of 4 right.

Question 1 1 point) Saved Adam Smith listed three reasons for having taxes. Which of the following was not one of those three? Protect citizens from injustice Produce and maintain public institutions and public works Protect society from invasions Improve labor market efficiency Question 2 (1 point) Saved The largest source of tax revenue for state and local government is Property taxes Sales tax Corporate income taxes Individual income taxes Question 3(1 point) Saved A tax of $0.25 per gallon of gasoline is an example of an excise tax. True False Question 4 (1 point) Saved A CEO making $235,000,000 annually pays less taxes than an engineer making $70,000 annually. This is an example of a violation of vertical equity. False

Answer 1

1. Option 2. Produce and maintain public institutions and public works

Explanation: Adam Smith does not mention this as one of the reasons for collecting taxes.

2. Option 2. Sales tax

Explanation: Sales tax contributes the most to the tax revenue in the states in the US.

3. True

Explanation: An excise tax is collected on the purchase of some specific goods such as gasoline.

4. True

Explanation: Ceritcle equity is achieved when the amount of tax collected increases with an increase in income.