1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
MArishka [77]
1 year ago
7

Which recent president raised taxes when the income tax share of gdp was very low?

Business
1 answer:
alexira [117]1 year ago
7 0

George H.W. Bush firmly said, "Read my lips: no new taxes."

He would continue to be troubled by the words. The top tax rate was increased from 28% under Ronald Reagan to 31% by the Omnibus Budget Reconciliation Act of 1990.

What is Tax??

In order to ensure that taxpayers are paying the proper amount of tax at the proper time and obtaining the proper tax allowances and tax reliefs, tax compliance refers to both policy actions and individual behaviour. A tax is a mandatory financial charge or some other type of levy imposed on a taxpayer (A person or legal entity) is used by a government organisation to pay for government expenses and other public expenditures (regional, local, or national). Around 3000–2800 BC, the first recorded taxation was enacted in ancient Egypt. Non-compliance with the law includes failing to pay on time as well as evading or resisting taxation. Taxes can be paid in cash or in the labour equivalent and can be either direct or indirect.

To learn more about Tax

brainly.com/question/26316390

#SPJ4

You might be interested in
Penny Lane and Associates purchased a generator on January 1, 2015, for $6,300. The generator was estimated to have a five-year
s2008m [1.1K]

Answer:

The depreciation expense recorded in 2017 will be $930

Explanation:

Cost of the generator = $6,300

Initial useful life = 5 years

initial salvage value = $600

Revised useful life = 6 years

Revised  salvage value = $300

Now,

Initial Annual depreciation = [ Cost - Initial salvage value ] ÷ Initial useful life

= [ $6,300 - $600 ] ÷ 5

= $1,140

Therefore,

accumulated depreciation till the end of 2016

= 2 × $1,140

= $2,280

Therefore,

Book value for the year 2017

= Cost - accumulated depreciation till the end of 2016

= $6,300 - $2,280

= $4,020

Therefore,

The revised annual depreciation

= [ Book value for 2017 - Revised salvage value ] ÷ Remaining useful life

= [ $4,020 - $300 ] ÷ (6 - 2)

= $930

Hence,

the depreciation expense recorded in 2017 will be $930

7 0
3 years ago
Profits from a sole proprietorship are reported as taxable income and
uranmaximum [27]

Profits from a sole proprietorship are reported as taxable income and (B) are subject to a self-employment tax of approximately 15%.

Explanation:

Sole proprietors are asked to  contribute  to both the Social Security and Medicare systems,this type of  contributions is known as the  "self-employment taxes."

Self-employment taxes are considered equal to the  payroll tax in case of an  employees of a business. Regular employees are said to make their  contributions to the above mentioned  two programs in form of  deductions fr, sole proprietors  make such contributions when the pay their  income tax

The rate of  self-employment tax  is 15.3%, which is further divided as  12.4% of  Social Security  and 2.9% of  Medicare .

Thus we can say that Profits from a sole proprietorship are reported as taxable income and (B) are subject to a self-employment tax of approximately 15%.

8 0
3 years ago
Read 2 more answers
Suppose two economists are debating tax reform bill. Both economists agree that the bill would increase the after-tax income of
Margarita [4]

Answer:

The correct answer is letter "C": Different choices about the right simplifications to use in economic analysis.

Explanation:

Economic Analysis refers to the study of economic situations within a region using different tools for that purpose that will let determine what the possible solutions and consequences of taking decisions of those situations could be. That is why in the case the two economists after analyzing the effects of the tax reform bill decided not to implement it.

5 0
3 years ago
The financial crisis of 2008 demonstrated the flaw in a bottom-up detailed approach to calculating risk. There are
Troyanec [42]

Answer:

B

Explanation:

8 0
3 years ago
Why an investor might choose to have less than 20% holding in a company if they could have more?
gtnhenbr [62]
<span>The simple answer here is you never want to over commit any part of your portfolio. Every single successful investor has a wide variety of investment holdings. This is known as diversification. If you place all of your "eggs in one basket," so to speak, if that investment were to play against you, your losses may be much higher than anticipated or often irrecoverable. With a diverse portfolio, when one small portion of your investment strategy fails, you can count on other, more successful aspect to make up the difference.</span>
3 0
2 years ago
Other questions:
  • Please I really need help fast I will rate good
    13·1 answer
  • Chico Company paid $560,000 for a basket purchase that included office furniture, a building and land. An appraiser provided the
    12·1 answer
  • Cardero Midwifery's cost formula for its wages and salaries is $2,280 per month plus $348 per birth. For the month of August, th
    6·1 answer
  • Andy has a remaining unpaid balance of $845 on his credit card. His credit card company has an APR of 18 percent. How much will
    7·2 answers
  • What will happen in a market where a binding price floor is removed? Group of answer choices The price or quantity of the produc
    13·1 answer
  • Tom Klem is the controller of Watson Manufacturing, Inc. He estimates that the company’s breakeven point in sales dollars is $2
    5·1 answer
  • Taka is considering sending a message regarding a raise but is concerned since the company is struggling financially. Taka has d
    9·1 answer
  • Which of the following is a drawback of the corporate structure?
    15·2 answers
  • A property buyer should object to any defects in the title to the property A) within one year of the transfer of title. B) befor
    11·1 answer
  • Notice that real GDP trends upward over time but experiences ups and downs in the short run. A period of declining real GDP, suc
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!