PF7: Types of Taxes
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Last updated almost 6 years ago
6 questions
Note from the author:
Economics & Personal Finance
1
A tax in which all income groups pay the same percentage is known as a
A tax in which all income groups pay the same percentage is known as a
1
Assume that Walt earns $600,000 per year and Sam earns $50,000 per year. Walt pays a higher pecentage of his income in taxes than Sam. What type of tax does this describe?
Assume that Walt earns $600,000 per year and Sam earns $50,000 per year. Walt pays a higher pecentage of his income in taxes than Sam. What type of tax does this describe?
1
Jared earns $30,000 a year. He pays a higher percentage of his income in taxes than does his brother who earns $300,000 a year. What type of tax is this?
Jared earns $30,000 a year. He pays a higher percentage of his income in taxes than does his brother who earns $300,000 a year. What type of tax is this?
1
Many economists consider increases in sales taxes to be an unfair burden on the poor. Why is this?
Many economists consider increases in sales taxes to be an unfair burden on the poor. Why is this?
1
Assume that the economy enters a recession and property values fall, resulting in lower property tax revenue. Which of the following would directly result from lower property tax revenue?
Assume that the economy enters a recession and property values fall, resulting in lower property tax revenue. Which of the following would directly result from lower property tax revenue?
1
Match the example for each tax below to the type of tax
Match the example for each tax below to the type of tax
- State sales tax
- Federal income tax
- FICA taxes
- Property tax
- Progressive tax
- Regressive tax
- Proportional tax