Economics Study Set 4
Quiz 18: Public Choice,taxes,and the Distribution of Income
Refer to Table 18-5
Refer to Table 18-5.A tax exemption is granted for the first $10,000 earned per year.Suppose you earn $75,000. a.What is the amount of taxes you will pay? b.What is your average tax rate? c.What is your marginal tax rate?
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Suppose,on average,a family in Church Falls earning $60,000 per year paid 6 percent of its income in state taxes.A family earning $80,000 paid,on average,$4,760 in state income taxes.Are state taxes in Church Falls progressive or regressive? Be sure to explain the difference between a progressive tax and a regressive tax.
What is the difference between a marginal tax rate and an average tax rate? Which is more important in determining the impact of the tax system on economic behavior?
Describe each of the principles governments consider when deciding which taxes to use.
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