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Suppose our current income tax system were to be replaced by the following new system: i) all individuals pay the same marginal tax rate, regardless of income (a flat tax), and ii) there are no exemptions or deductions available when calculating taxable income. In a short essay (2-3 paragraphs) discuss the impact on equity (both types) that would result from the new system compared to the current system.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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