Using the income approach, general sales taxes, excise taxes, customs duties, business property taxes, and license fees are termed:
a. indirect business taxes.
b. regressive taxes.
c. disproportionate taxes.
d. capital depreciation.
e. progressive taxes.
a
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During the Kennedy administration, what did economist Walter Heller propose to bring the economy back to full employment?
A) tariffs on imported goods B) a large government works program C) tax cuts D) insourcing
Explain how the free-market mechanism adjusts prices so that resource allocation is economically efficient.
What will be an ideal response?
From 2002-2004, the earned income tax credit ________ the poverty rate among participants.
A. slightly increased B. decreased C. had little to no effect on D. more than doubled
If the tax is $500 on an income of $2,500, the income tax rate is
a. 20 percent b. 25 percent c. 10 percent d. 5 percent e. 50 percent