Which of the following statements about state income taxes is correct?
a. Some states do not tax income at all.
b. If states tax income, they must follow federal guidelines for designing the tax structure.
c. States are not allowed to have a higher marginal tax rate than the federal marginal tax rate.
d. All of the above are correct.
a
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In 1982, the retirement age was raised in such a manner that it is 65 for everyone born before 1938
A. and 70 for everyone born in 1960 or after, with a gradual increase in between. B. and 67 for everyone born in 1960 or after, with a gradual increase in between. C. and 70 for everyone else. D. and 67 for everyone else.
What is the basic task that economists expect the market to carry out?
A. Deal with the fundamental problem of scarcity B. Balance the government’s budget C. Lessen wants to the level of income available D. Meet all human wants
One economic truism is that any nation's restriction of imports will ultimately lead to
A) an increase in exports. B) a reduction in exports. C) an economic upswing. D) an increase in GDP.
Continuing with the same vacation-insurance company from the preceding question, is there any vacation-day price that would both strictly increase the family's expected utility (compared to no insurance) and strictly increase the profits of the risk-neutral insurance company?
a. No. b. Yes, 3 or 4. c. Yes, 4. d. Yes, 4 or 5.