Consumption Taxes

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Consumption Taxes While the United States relies heavily on income taxes, a radically different approach is consumption taxes, which are taxes on purchases of goods and services rather than on income. The rationale is that people should be penalized for what they use rather than what. they produce. Sales taxes are the most familiar example of consumption tax. The United States has […]

Corporation Taxes

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Corporation Taxes The Federal’ government collects a wide. variety of other taxes, some of which are shown in Table 16-3. The corporate income tax is a tax on.the profits of corporations. The top federal corporation tax rate in 1999 was set at 35 percent of corporate profits. The corporation income tax is heavily criticized among economists. Some oppose this tax, arguing […]

Social Insurance Taxes

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Social Insurance Taxes Virtually all industries now come under the Social Security receive retirement benefits that depend ‘on their earnings history and security taxes. The social insurance program also funds a disability program and health insurance for the poor and elderly. The payroll tax is the fastest-growing source of federal revenues, rising from zero in 1929, to 18 percent of revenues […]

The Individual Income Tax

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The Individual Income Tax Our discussion will concentrate on the individual income which is the most complex and controversial part of the tax system. The income tax is a direct tax. and it is the tax which most clearly reflects the ability-to-pay principle. ‘ The individual income tax late in our nation’s history. The Constitution forbade any direct tax that was not […]

Pragmatic Compromises In Taxation

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Pragmatic Compromises In Taxation How have societies resolved these thorny: philosophical questions? Governments has generally adopted pragmatic solutions mat are only partially baaed on benefit and ability to pay approaches. Political representatives know that taxes are highly unpopular. After all, the cry of “taxation without representation” helped launch the American Revolution. Modern tax systems are an .uneasy compromise between lofty […]

Horizontal and vertical equity

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Horizontal and vertical equity Whether they are organized along benefit or ability to-pay lines, most modem tax item a also attempt to incorporate modem views about fairness or equity. One important principle is that of Borodin. I equity, which states that those who are essentially equal should be taxed equally. Be warned that general and abstract principles cannot. determine’ the tax […]

PRINCIPLES OF TAXATION

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PRINCIPLES OF TAXATION Once the government has decided to collect some amount of taxes, it has a bewildering array of possible taxes available to it. It can tax income, tax profits, or tax sales. It can tax the rich or tax the poor, tax the old 01 lax the ). Are there any guidelines that can help construct ‘fair’and efficient tax […]

C. ECONOMIC ASPECTS OF TAXATION

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 C. ECONOMIC ASPECTS OF TAXATION Governments must pay for their programs. funds come mainly from taxes, and any shortfall is a deficit that is borrowed from the public. But in economics flit always to pierce l/at veil of monetary flows to understand  resources. Behind the dollar flows of taxes, what the government really needs is the economy’s scarce land, labor, and […]