by the amount of the tax. There are two types of indirect taxes: 1) a specific tax : this is a fixed amount of tax per unit imposed upon a product and 2) an ad valorem tax: this is where the tax is a percentage of the selling price. When an indirect tax is imposed on a product it affects both consumers and producers. Part of the tax is paid by consumers and another part is paid by producers. The tax burden is shared between the two. The burden of a tax is referred to as tax incidence. The allocation
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The comprehensive tax reform package (CTRP) or House Bill 4774 is expected to be completely approved both by House of Congress and Senate by June 2017 of this year. This may mean that the implementation which is targeted this 2nd half of the year will push through. The response from the public and from what I heard wherever I go is mixed. There are those who welcomed it‚ those who are apprehensive‚ and those who do not know at all and take a nonchalant attitude. The hot topics in the CTRP are
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ImRetiree Preference is towards 3% tax on retail sales. The ratio of tax distribution is most equitable in retail tax. I believe that every individual is responsible for contributing to the nation’s tax revenue despite age‚ but I believe that retirees should have the least contribution as they have already paid their dues to society from all the years they have previously worked. With this in mind‚ the retail tax is the fairest solution due to it being the most equal in distribution. Each group
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marginal tax rate is the rate of tax he/she pays on the last dollar of income earned assuming there is nothing else affecting the individual. In this question‚ Sandra has no dependants or other sources of income so there is nothing else affecting her. An effective marginal tax rate of 40% applies to Sandra. This includes the top tax rate of 30% applicable to taxable income of $56‚000 and the student loan standard rate of 10%. (A) - The 30% rate would be Sandra’s base marginal tax rate without
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Anthony Cunningham Microeconomics Mr. G. E. Fitzgerald October 17‚ 2012 Tax Elasticity and Tax Policy No matter what‚ taxes matter. People talk about them‚ complain about them‚ and try to dodge them when they can. Businesses also react to taxes‚ both in how they organize their activities and‚ perhaps‚ in where they carry them out. How people and businesses react in turn affects the level and structure of taxation. The purpose of taxation is to raise revenue to pay for public goods‚ but
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Tax case: Taxes and Growth 3‚ The average growth rate of U.S. economy over time is 3.4% The trend is slightly downward. 7‚ the correlation of political party of the president and GDP growth is -0.277811979‚ which indicates a strong relation. The correlation of Top individual marginal tax rate and GDP growth is 0.218935712‚ which indicates a strong relation as well. 8‚ what I am surprised is that the top individual marginal tax rate does have a strong relation with GDP growth. Before
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7 Deadly Sins A Term Paper Presented to Dr. Susanne Dominquez Rizal Technological University Joanna Michele C. Aguilar CBET-18-202A TOPIC OUTLINE Thesis Statement: Sin a transgression of the law of God‚ especially when deliberate it is caused by an irresistible temptation. I. Introduction II. The 7 Deadly Sin A. History B. Why Seven? III. Lust Demon of Lust: Asmodeus IV. Greed Demon of Greed: Mammon V. Gluttony Demon of Gluttony: Beelzebub VI.
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Sin was brought into the world by evil itself‚ destroying God’s perfect plan. Since then sin has grown to its highest. Committing a sin is considered to be unholy. Puritans were one of the most strict groups to obey and follow God’s plan. In the Scarlet Letter by Nathaniel Hawthorn‚ many characters struggle to carry the burden of sin on their backs. Arthur Dimmesdale‚ a Puritan minister‚ struggled the greatest with his sin which eventually led to his death. Dimmesdale’s sin was the greatest because
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University of Central Punjab * Assignment: Income tax return filling * Presented to: Prof Imran Shehzad * Presented by: Sami Elahi * Registration number: L1F11MCOM2077 * Date: 12-01-2013 Question (Case study) Tax year 2013 Mr. Sami is employee of a private company with following emoluments’. * Basic salary 60‚000 PM * Medical allowance 8‚000 PM * House rent allowance
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History Income tax levels in India were very high during 1950-1980‚ in 1970-71 there were 11 tax slabs with highest tax rate being 93.5% including surcharges. In 1973-74 highest rate was 97.5%. But to reduce tax evasion tax rates were reduced later on‚ by "1992-93" maximum tax rates were reduced to 40%. [2][3] [edit]Residential status‚ Scope of taxable income & Charge [edit]Charge to Income-tax Whose income exceeds the maximum amount‚ which is not chargeable to the income tax‚ is an assesse
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