Answer:
Explanation:
Progressive Taxation: This is a tax system where higher rates falls on high income earners and lower tax rate on low income earners. In other words the high income earners pay more tax than the low income earners.
Examples of progressive taxation are (i)pay as you earn (PAYE), (ii)Tax on wealth or property tax.
While
Regressive Taxation: This is a tax system where higher rates falls on the low income earners and lower tax rate falls on the high income earner.
Examples of regressive taxation are (i)Sin tax: tax levied on goods that are considered harmful to the society, e.g tobacco, excessive sugar. (ii) sales tax.
While
Proportionate Taxation: This is a taxation system where every tax payer pays equal proportion of his or her income.
Example of proportional taxation is Value added tax (VAT).
Answer:
D
Explanation:
Davis rejected the insistence of Northern politicians that the compact made through the Constitution protected slavery.
Answer: Deadweight loss
Explanation: Deadweight loss which is also referred to as excess burden, occurs when supply and demand are out of equilibrium. Causes of deadweight are price ceiling, price floor and Taxes.
The Deadweight loss can be calculated as
Deadweight Loss = 0. 5 * (P2 - P1) * (Q1 - Q2).
Where
P1: The original price of the product
P2: The new price of the product after the price ceiling.
Q1: The original quantity demanded
Q2: The new quantity demanded of the product after the price ceiling.
A.
They disagreed on the content of the Five Pillars.