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Viefleur [7K]
3 years ago
13

Is this a progressive, regressive, or proportional tax system? regressive proportional progressive Suppose the government of Lil

liput voted to increase taxes on the top earners and decrease it on the lowest earners. How would this new tax system be classified?\
Business
2 answers:
kenny6666 [7]3 years ago
8 0

Answer: Progressive tax

Explanation:

A progressive tax is a form of tax whereby the tax rate rises as income of the individual or firm increases. Progressive tax progresses from low to high. Progressive tax can be applied to taxes of individuals and are imposed in order to reduce the incidence of tax of people who have a low ability to pay hence, the progressive tax can be used to shift the incidence to those that can afford to pay more.

Progressive tax is is usually used by most countries as it reduces the gap between the rich and the poor thereby curtailing economic inequality. The higher the income in progressive taxation, the higher the percentage paid by the person.

frozen [14]3 years ago
6 0

Answer:

The new tax by  the government of Lilliput voted to increase taxes on the top earners and decrease it on the lowest earners is a progressive tax.

Explanation:

A progressive tax is one that charges a higher tax rate for people who earn a higher income.  

This is predicated upon the fact that people with a lower income will usually spend a greater percentage of their income to survive while the richer can easily afford the basic necessities of life.

Progressive tax systems also have the ability to collect more taxes than regressive taxes, as tax rates are programmed to increase as income climbs. Progressive taxes allow people with the greatest amount of resources to fund a greater portion of the infrastructure such as roads that other petty businesses rely on.

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Two types of value that are often contrasted are subjective value and: Group of answer choices A. inherent value B. reproduction
Ilia_Sergeevich [38]

Answer:

The correct answer is letter "C": objective value.

Explanation:

Subjective values are those provided by individuals based on their <em>beliefs, perceptions, ideas, feelings, </em>and <em>reflections</em>. Subjective values are biased. Objective values, on the other hand, are based on <em>facts, statistics, evidence, </em>and <em>observations</em>. Objective values are unbiased.

6 0
3 years ago
The Cash account in the ledger of Clear Windows shows a balance of $12,596 at September 30. The bank statement, however, shows a
Norma-Jean [14]

Answer:

1. $3,067

2. B) $129,127.

Explanation:

a. The computation of amount deposit in transit is shown below:

The amount of deposit in Transit =  Balance as per Cash Book as on 30th Sept - Cheque outstanding realized - Bank charges -  Balance as per Bank Book

= $12,596 + $6740 - $16 - $16,253

= $3,067

Deposit in Transit inflates the general ledger initially till it is credited in the bank book.

b. The computation of balance should Cardinal's Cash account show

Cash Account should show a balance =  Bank Statement Balance as on May 31 - Outstanding Cheque on May 31

= $180,974 - $51,847

= $129,127  

As we can see that the cash account balance is less because there is an outstanding

5 0
3 years ago
An agent is discussing an equity index annuity purchase with a client. The agent explains that there are several which she feels
Vesna [10]

Answer:

B) should pack her bags for the trip; she earned it

Explanation:

In this scenario, it can be said that if the client purchases that annuity, the agent should pack her bags for the trip; she earned it. Since the annuity that has been recommended by the agent is offering her an incentive, and the agent fully disclosed that fact to the client, then she did her duty correctly. In the case that the client decides to purchase the annuity, they do so with full knowledge of the potential conflict of interest.

4 0
3 years ago
Panner, Inc., owns 35 percent of Watkins and applies the equity method. During the current year, Panner buys inventory costing $
ziro4ka [17]

Answer: $2289

Explanation:

First, we have to calculate the gross percentage which would be:

= (Revenue - Cost of goods sold) Revenue

= ($124000 - $86800) / $$124000

= 30%

Therefore, the amount of gross profit must Panner defer in reporting this investment using the equity method would be:

= ($21800 × 30%) × 35%

= $21800 × 0.3 × 0.35

= $2289

6 0
2 years ago
An ""offer"" to sell an item on an online auction site generally is treated as an invitation to negotiate. True or false?
inessss [21]

Answer:True

Explanation: In live auctions, buying and selling of items, and bidding on these items, are done face to face by the auctioneer and the bidder. Online auction sites provide platforms for consumers and producers to buy and sell items over the internet.

Online auctions are different. Because these transactions take place online, and are thus automated, when an "offer" to sell an item occurs then it can be taken as an opportunity to negotiate. Interested parties can make bids on the item, with or without a limit, depending on the auctioneer. Then the party with the highest bid wins the item.

7 0
3 years ago
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