Which types of taxes are most important at each level of gov

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Reference no: EM13159328

(Tax Rates) Suppose taxes are related to income as follows

Income Taxes

$1,000 $200

$2,000 $350

$3,000 $450

a. What percentage of income is paid in taxes at each level?

b. Is the tax rate progressive, proportional, or regressive?

c. What is the marginal tax rate on the first $1,000 of income? The second $1,000? The third $1,000?

(Government Revenue) What are the sources of government revenue in the United States?

Which types of taxes are most important at each level of governemnt? Which two taxes provide the most revenue to the federal government?

(Externalities) Suppose there is an external cost, or negative externality, associated with production of a certain good. Whats wrong with letting the market determine how much of this good will be produced?

Reference no: EM13159328

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