AGENDA Thurs 1/7/16 QOD #2: Fiscalville Taxes HW Review (CH16 Q #1-6) Ch 16: Government Finance Partner Practice (Handout/P #3) Spring Syllabus
|
|
- Job Osborne
- 6 years ago
- Views:
Transcription
1 AGENDA Thurs 1/7/16 QOD #2: Fiscalville Taxes HW Review (CH16 Q #1-6) Ch 16: Government Finance artner ractice (Handout/ #3) Spring Syllabus notification/google Form HW: Read pp Q#1-3 & 8-10
2 QOD #2: Fiscalville Taxes Suppose in Fiscalville there is no tax on the first $10,000 of income, but a 20 percent tax on earnings between $10,000 and $20,000 and a 30 percent tax on income between $20,000 and $30,000. Any income above $30,000 is taxed at 40 percent. 1. If your income is $50,000, how much will you pay in taxes? 2. Determine your marginal and average tax rates. 3. Is this a progressive tax?
3 QOD #2: Solution 1. Total tax = $13,000 (= $ $ $8000). 2. Marginal tax rate = 40% and average tax rate = 26% (= $13,000 / $50,000). 3. This is a progressive tax, because the average tax rate rises as income goes up.
4 Apportioning the Tax Burden Size, distribution, and impact of the costs that taxes impose on society Benefits-received principle-examle? Ability-to-pay principle-examle? LO2 16-4
5 Apportioning the Tax Burden rogressive tax average tax rates increase as income increases Regressive tax average tax rate declines as income increases roportional tax average rate stays the same as income increases Income? Sales? Corp. income? ayroll? roperty? LO2 16-5
6 Tax Incidence and Efficiency Loss Tax incidence Who really pays the tax? Excise tax Tax burden depends on elasticity Inelastic vs. elastic Efficiency loss Deadweight loss Transfer of surplus to government LO3 16-6
7 rice (er Bottle) Elasticity and Tax Incidence 14 S t 12 S 10 8 Tax $ D LO Q Quantity (Millions of Bottles er Month) 16-7
8 Elasticity and Tax Incidence e 1 a Tax b S t S 1 b a Tax c b S t S a c D e Di Q 2 Q 1 Elastic Demand 0 Q 2 Q 1 Inelastic Demand Smaller efficiency loss with inelastic demand LO3 16-8
9 Elasticity and Tax Incidence a e S b i 1 1 a 0 c Tax Q 1 D S t b Tax Q 2 Q 0 Q 1 Q a Q 2 S t c b S D Elastic Supply Inelastic Supply Smaller efficiency loss with inelastic supply LO3 16-9
10 rice (er Bottle) Efficiency Loss of a Tax Tax paid by consumers S t Tax $2 S Tax paid by producers Efficiency loss (or D deadweight loss) Q Quantity (Millions of Bottles er Month) LO
11 For tax purposes, gross income is all the money a person receives in a given year from any source. But income taxes are levied on taxable income rather than gross income. The difference between the two is the result of many exemptions and deductions. To see how they work, suppose you made $50,000 last year in wages, $10,000 from investments, and were given $5000 as a gift by your grandmother. Also assume that you are a single parent with one small child living with you. a. What is your gross income? CH 16 #3 b. Gifts of up to $13,000 per year from any person are not counted as taxable income. Also, the personal exemption allows you to reduce your taxable income by $3650 for each member of your household. Given these exemptions, what is your taxable income? c. Next, assume you paid $700 in interest on your student loans last year, put $2000 into a health savings account (HSA), and deposited $4000 into an individual retirement account (IRA). These expenditures are all tax exempt, meaning that any money spent on them reduces taxable income dollar-for-dollar. Knowing that fact, what is now your taxable income?
12 CH 16 #3 (cont.) d. Next, you can either take the so-called standard deduction or apply for itemized deductions (which involve a lot of tedious paperwork). You opt for the standard deduction that allows you as head of your household to exempt another $8500 from your taxable income. Taking that into account, what is your taxable income? e. Apply the tax rates shown in Table 16.1 to your taxable income. How much Federal tax will you owe? What is the marginal tax rate that applies to your last dollar of taxable income? f. As the parent of a dependent child, you qualify for the government s $1000 per-child tax credit. Like all tax credits, this $1000 credit pays for $1000 of whatever amount of tax you owe. Given this credit, how much money will you actually have to pay in taxes? Using that actual amount, what is your average tax rate relative to your taxable income? What about your average tax rate relative to your gross income?
13 CH 16 #3 Solution (a) Gross income = $65,000 (= $50,000 + $10,000 + $5000) (b) Taxable income = $52,700 (= $65,000 $5000 $7300) (c) Taxable income = $46,000 (= $52,700 $700 $2000 $4000) (d) Taxable income = $37,500 (= $46,000 $8500) (e) Tax = $ (= $ $ ). The marginal tax rate is 15%. (f) Actual tax = $ , for an average tax rate on taxable income of 10.1%, and an average tax rate on gross income of 5.8%.
Chapter 12 TAXES AND TAX POLICY Principles of Economics in Context (Goodwin et al.)
Chapter 12 TAXES AND TAX POLICY Principles of Economics in Context (Goodwin et al.) Chapter Summary This chapter starts out with a theory of taxes using the supply-and-demand model. Referring back to the
More informationAGENDA Tues 12/8. QOD #40: Your future life Turn in QOD 31-40; Finish CH 13 P #4-5 Final Exam Review Plan
AGENDA Tues 12/8 QOD #40: Your future life Turn in QOD 31-40; Finish CH 13 P #4-5 Final Exam Review Plan Tues 12/8 after school (Partner practice in class) Thurs 12/10 before school (Practice Exam Review
More informationQOD #10 Elasticity. 1. Provide an example of something is greatly affected by price?
AGENDA Thurs 9/10 Chapter 3 Free Response Quiz (25 min) QOD #10: Elasticity Price Elasticity of Demand Calculations and Computations Aca Extension handouts HW: Read pp 84-89 #6,7,8,9 QOD #10 Elasticity
More informationSample Exam Questions/Chapter 7
Sample Exam Questions/Chapter 7 1. A tax of $20 on an income of $200, $40 on an income of $300, and $80 on an income of $400 is: A) progressive. B) proportional. C) regressive. D) constant-rate. 2. A tax
More informationwhy how price quantity
Econ 22060 - Principles of Microeconomics Fall, 2005 Dr. Kathryn Wilson Due: Tuesday, September 27 Homework #2 1. What would be the effect of the following on the curve, the supply curve, equilibrium price,
More informationOUTLINE September 17, Effect of a Tax Increase. Demand & Supply Elasticities. Elasticity 9/15/2018 1:42 PM. Elasticity of A with respect to B
OUTLINE September 17, 2018 Taxes and Deadweight Loss, continued Elasticity Total Revenue Effect Effect on Consumer Surplus Effect on Burden of a Tax Accounting versus Economic Profit (maybe) Effect of
More informationMICROECONOMICS - CLUTCH CH. 6 - INTRODUCTION TO TAXES AND SUBSIDIES
!! www.clutchprep.com CONCEPT: INTRODUCING TAXES AND TAX INCIDENCE Taxes allow the government to provide public services. Taxes can either be imposed on the buyer or the seller of a good. The tax shifts
More information1. STUDENTS WILL BE ABLE TO DEFINE WHAT A TAX IS AND EXPLAIN WHY WE MUST HAVE TAXES
LIGHTHOUSE CPA SOCIAL SCIENCES DEPARTMENT AP ECONOMICS STUDY GUIDE # 17 - TAXES & GOVERNMENT SPENDING CHAPTER LEARNING OBJECTIVES STUDENTS WILL BE ABLE TO DEFINE WHAT A TAX IS AND EXPLAIN WHY WE MUST HAVE
More informationCHAPTER 9 Sources of Government Revenue
CHAPTER 9 Sources of Government Revenue Section 1, Chapter 9 1 2 ECONOMIC IMPACT OF TAXES Taxes affect the four factors of production land, labor, capital, and entrepreneurship. A tax placed on a good
More informationAGENDA Tues 1/26. QOD #8: GDP Calculations HW Review ( P #4,5,7) Partner Practice
AGENDA Tues 1/26 QOD #8: GDP Calculations HW Review (494-500 P #4,5,7) Partner Practice Study for CH 23-24 Assessment Parent Syllabus review LO1 24-1 QOD #8: GDP Calculations-Part 1 Suppose that annual
More informationChapter 14: Taxes and Government Spending Section 1
Chapter 14: Taxes and Government Spending Section 1 Objectives 1. Identify the sources of the government s authority to tax. 2. Describe types of tax bases and tax structures. 3. List the characteristics
More informationMACROECONOMICS - CLUTCH CH. 6 - INTRODUCTION TO TAXES.
!! www.clutchprep.com CONCEPT: INTRODUCING TAXES AND TAX INCIDENCE Taxes allow the government to provide public services. Taxes can either be imposed on the buyer or the seller of a good. The tax shifts
More informationRecitation #6 Week 02/15/2009 to 02/21/2009. Chapter 7 - Taxes
Recitation #6 Week 02/15/2009 to 02/21/2009 Chapter 7 - Taxes Exercise 1. The government wishes to limit the quantity of alcoholic beverages sold and therefore is considering the imposition of an excise
More informationEQ: What is Price Elasticity of Supply?
EQ: What is Price Elasticity of Supply? Price Elasticity of Supply (ES) is a characteristic of a product describing: The degree of change in quantity supplied by producers when there is a change in price.
More informationCHAPTER 17: PUBLIC CHOICE THEORY AND THE ECONOMICS OF TAXATION
CHAPTER 17: PUBLIC CHOICE THEORY AND THE ECONOMICS OF TAXATION Introduction As we have seen, government plays an important role in addressing market failures. But it also plays a significant role in taxation
More informationAn Introduction to Macroeconomics
23 An Introduction to Macroeconomics McGraw-Hill/Irwin Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved.. AGENDA Thurs 1/21 QOD #6: National Income GDP, Growth & Stability Partner
More informationCASE FAIR OSTER PRINCIPLES OF MICROECONOMICS E L E V E N T H E D I T I O N. PEARSON 2014 Pearson Education, Inc.
PRINCIPLES OF MICROECONOMICS E L E V E N T H E D I T I O N CASE FAIR OSTER PEARSON Prepared by: Fernando Quijano w/shelly 1 of Tefft 11 2 of 30 Public Finance: The Economics of Taxation 19 CHAPTER OUTLINE
More informationDoes Congress decide who pays the taxes? 2013 Pearson
Does Congress decide who pays the taxes? Taxes 8 When you have completed your study of this chapter, you will be able to CHAPTER CHECKLIST 1 Explain how taxes change prices and quantities, are shared by
More informationLecture # 6 Elasticity/Taxes
I. Elasticity (continued) Lecture # 6 Elasticity/Taxes Cross-price elasticity of demand -- the percentage change in quantity demanded of good x due to a 1% change in price of good y. o exy< 0 implies compliments
More informationEcon Ch. 9 Practice Test II
Econ Ch. 9 Practice Test II Multiple Choice Identify the choice that best completes the statement or answers the question. 1. The incidence of a tax can more effectively be shifted from the supplier to
More informationAGENDA Thurs 10/15. Partner Practice (CH 8: P # 3, 4) QOD #23: Share the Wealth PC in the LR (Graphing) HW: Read pp Q #5,6
AGENDA Thurs 10/15 Partner Practice (CH 8: P # 3, 4) QOD #23: Share the Wealth PC in the LR (Graphing) HW: Read pp 186-192 Q #5,6 QOD #23: Share the Wealth A firm in a purely competitive industry has a
More informationAP Microeconomics Chapter 16 Outline
I. Learning objectives In this chapter students should learn: A. The main categories of government spending and the main sources of government revenue. B. The different philosophies regarding the distribution
More informationThe Economics of Public Policy 11. Tax Incidence and the Excess Burden of Taxation
Fletcher School of Law and Diplomacy, Tufts University The Economics of Public Policy 11. Tax Incidence and the Excess Burden of Taxation Prof George Alogoskoufis Determining Tax Incidence The goal of
More informationHOW MUCH SHOULD THE FOLLOWING INDIVIDUALS PAY IN TAXES?
TAXES TAXES Taxes are required contributions, levied by the government on personal income and business profits or added to the cost of some goods, services, and transactions. Raise revenue to finance government
More informationChapter 16: Equilibrium
Econ 401 Price Theory Chapter 16: Equilibrium Instructor: Hiroki Watanabe Summer 2009 1 / 44 1 Clearing Market 2 Tax Change in Price Clearing Market with Tax Who Pays the Tax Tax Incidence 3 Tax Incidence
More informationEconomics. Supply, Demand, and Government Policies CHAPTER. N. Gregory Mankiw. Principles of. Seventh Edition. Wojciech Gerson ( )
Wojciech Gerson (1831-1901) Seventh Edition rinciples of Economics N. Gregory Mankiw CHATER 6 Supply, Demand, and Government olicies In this chapter, look for the answers to these questions What are price
More informationCH 8. Name: Class: Date: Multiple Choice Identify the choice that best completes the statement or answers the question.
Class: Date: CH 8 Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Tax incidence is the a. burden buyers have to absorb from a tax on goods and services.
More informationSupply, Demand, and Government Policies. Premium PowerPoint Slides by Ron Cronovich
C H A T E R 6 Supply, Demand, and Government olicies Economics R I N C I L E S O F N. Gregory Mankiw remium oweroint Slides by Ron Cronovich 2009 South-Western, a part of Cengage Learning, all rights reserved
More informationChapter 9 Sources of Government Revenue
Chapter 9 Sources of Government Revenue Did You Know? To help the ailing yacht industry, which suffered great losses after the 1991 luxury tax was imposed, Representative Patrick J. Kennedy introduced
More informationMoney Creation. McGraw-Hill/Irwin. Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
32 Money Creation McGraw-Hill/Irwin Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved. AGENDA Thurs 3/17 Team Teaching: CH 31-32 P3: Allan, Ezra, George P5: Ms. K (no surprise) On Deck:
More informationPractice Questions and Answers from Lesson I-8: Taxes. Practice Questions and Answers from Lesson I-8: Taxes
Practice Questions and Answers from Lesson I-8: Taxes The following questions practice these skills: Compute the effects of an excise tax on price, quantity, and tax revenue. Show how the tax burden is
More informationOUTLINE September 15, Surplus Falls with Tax Increase. Demand & Supply Elasticities. Elasticity 9/14/2016 1:26 PM
OUTLINE September 15, 2016 Taxes, Burdens, and Deadweight Loss, continued Elasticity Total Revenue Effect Effect on Consumer Surplus Effect on Burden of a Tax Accounting versus Economic Profit Move all
More informationECON 1001 B. Come to the PASS workshop with your mock exam complete. During the workshop you can work with other students to review your work.
It is most beneficial to you to write this mock midterm UNDER EXAM CONDITIONS. This means: Complete the midterm in _1.5 hour(s). Work on your own. Keep your notes and textbook closed. Attempt every question.
More informationEdexcel Economics AS-level
Edexcel Economics AS-level Unit 1: Markets in Action Topic 4: Price Determination 4.4 Indirect taxes and subsidies Notes Indirect Taxes Indirect taxes are imposed by the government and they increase production
More informationTaxes: Equity vs. Efficiency Part I The only difference between death and taxes is that death doesn't get worse every time Congress meets.
Taxes: Equity vs. Efficiency Part I The only difference between death and taxes is that death doesn't get worse every time Congress meets. Will Rogers What Is Income? There are several ways to measure
More informationI. Taxes and Economic Welfare
University of California, Merced ECON 1-Introduction to Economics Chapter 8 Lecture Notes Professor Jason Lee I. Taxes and Economic Welfare How do taxes affect the welfare of a society? We saw in Chapter
More informationWhat Are Taxes? Chapter 14 Section Main Menu
What Are Taxes? How are taxes used to fund government programs? What are three types of tax structures? What are the characteristics of a good tax? Who bears the burden of a tax? Funding Government Programs
More informationLecture 6 Notes. Maria Zhu Duke University. November 16, 2016
Lecture 6 Notes Maria Zhu Duke University November 16, 2016 Contents: Chapter 6 (Government Actions in Markets) Class Plan 1 Price Ceilings Price ceiling: government regulation that makes it illegal to
More informationMarket intervention: who really bears the burden of taxes in a competitive market sitution?
Market intervention: who really bears the burden of taxes in a competitive market sitution? egin with the imposition of taxes on goods in a competitive market situation eg Value dded Tax eg oods and Sales
More informationIntermediate Microeconomics
Intermediate Microeconomics Fall 018 - M Pak, J Shi, and B Xu Exercises 1 Consider a market where there are two consumers with inverse demand functions p(q 1 ) = 10 q 1 and p(q ) = 5 q (a) Suppose there
More informationApplication of Welfare Analysis: The Costs of Taxation
Application of Welfare Analysis: The Costs of Taxation A tax causes the after-tax price paid by consumers to go up, and the after-tax price received by sellers to go down. The tax causes consumer surplus
More informationApplication: The Costs of Taxation
Application: The Costs of Taxation PowerPoint Slides prepared by: Andreea CHIRITESCU Eastern Illinois University 1 Tax on a good levied (imposed) on buyers curve shifts leftward By the size of tax Tax
More informationChapter 12: Design of the Tax System. Historical Context
Chapter 12: Design of the Tax System Purpose: Address the tax system and how the U.S. government raises and spends money along with the difficulty of making a tax system both efficient and equitable. Quick
More information1. Suppose the demand and supply curves for goose-down winter jackets in 2014 were as given below:
Economics 101 Spring 2017 Answers to Homework #3 Due Thursday, March 16, 2017 Directions: The homework will be collected in a box before the large lecture. Please place your name, TA name and section number
More informationPublic Finance: The Economics of Taxation. The Economics of Taxation. Taxes: Basic Concepts
C H A P T E R 16 Public Finance: The Economics of Taxation Prepared by: Fernando Quijano and Yvonn Quijano The Economics of Taxation The primary vehicle that the government uses to finance itself is taxation.
More informationSupply, Demand, and Government Policies P R I N C I P L E S O F. N. Gregory Mankiw
C H A T E R 6 upply, emand, and Government olicies R I N C I L E O F Economics N. Gregory Mankiw Government olicies That Alter the rivate Market Outcome rice controls ( ): a legal maximum on the price
More informationPaul Krugman and Robin Wells. Microeconomics. Third Edition. Chapter 7 Taxes. Copyright 2013 by Worth Publishers
Paul Krugman and Robin Wells Microeconomics Third Edition Chapter 7 Taxes Copyright 2013 by Worth Publishers 1. Taxes: overview Taxes can be imposed on demanders (consumers) or suppliers (producers) So,
More informationEmployee Benefits Corporation Introduction to HSAs Webinar
Webinar Title Q&A the following questions were asked during the two- Introduction to HSAs webinar sessions in August 2017 Q: Can you discuss maintenance drugs with zero copay? A: The HDHP will remain HSA
More informationExtending the Analysis of Aggregate Supply
35 Extending the Analysis of Aggregate Supply McGraw-Hill/Irwin Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved. AGENDA Thurs 3/3 Team Teaching: CH 35 (Wrap-up??) P3: Grant, Hannah,
More informationANSWERS TO PROBLEM SET 6 - Public Finance J. Wissink - Cornell University
ANSWERS TO PROBLEM SET 6 - Public Finance J. Wissink - Cornell University 1. a. See diagram below. On the left, the tax is levied on the suppliers and on the right, demanders. (Note: T=true and M=market)
More informationGame Theory Notes: Examples of Games with Dominant Strategy Equilibrium or Nash Equilibrium
Game Theory Notes: Examples of Games with Dominant Strategy Equilibrium or Nash Equilibrium Below are two different games. The first game has a dominant strategy equilibrium. The second game has two Nash
More informationRefer to Scenario 19.1 below to answer the questions that follow.
1) A tax whose burden, expressed as a percentage of income, falls as income increases is a A) regressive tax. B) progressive tax. C) proportional tax. D) benefits-received tax. 2) A tax whose burden is
More informationTaxes and Spending. Mostly Agree
Taxes and Spending ESSENTIAL QUESTION: Who and what should be taxed? Mark the box that reflects your opinion about each statement. Completely Agree Mostly Agree Mostly Disagree Completely Disagree Businesses
More information4/5/2012. Chapter 16: Financing Government Section 1
Chapter 16: Financing Government Section 1 Objectives 1. Explain how the Constitution gives Congress the power to tax and places limits on that power. 2. Identify the most significant federal taxes collected
More informationChapter 10 The Government in the Economy: Taxation and Regulation
Chapter 10 The Government in the Economy: Taxation and Chapter Outline 10. 10. 10. 10. 10. 1. Taxation and Government Spending in the United States 2. 3. Government Failures 4. Equity versus Efficiency
More informationThe theory of taxation (Stiglitz ch. 17, 18, 19; Gruber ch.19, 20; Rosen ch.13,14,15)
The theory of taxation (Stiglitz ch. 17, 18, 19; Gruber ch.19, 20; Rosen ch.13,14,15) Tax incidence Taxation and economic efficiency Optimal taxation Introduction Public intervention is sometime needed
More informationAggregate Demand and Aggregate Supply
29 Aggregate Demand and Aggregate Supply McGraw-Hill/Irwin Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved. AGENDA Mon 2/29 Team Teaching: CH 29 (cont) P3: Connor, Kaleb, Jorge, Zach
More informationLearning Objectives. Chapter 6. Funding the Public Sector. Introduction
Copyright 2011 by Pearson Education, Inc. Chapter 6 Funding the Public Sector All rights reserved. Introduction In recent years, various U.S. politicians and pundits have called for boosts in tax rates
More informationYou have 75 minutes to complete the exam. The exam is worth 75 points: keep track of time.
Midterm Eam #1, brief solutions; Page 1 of 6 Economics 441 Professor Scholz Midterm #1, Version #1 October 11, 2006 You have 75 minutes to complete the eam. The eam is worth 75 points: keep track of time.
More informationTopic# 3: General Theory of Taxation. Romanian tax system General theory of taxation PROF. ANDREEA STOIAN, PHD LECTURE 5
Topic# 3: General Theory of Taxation. Romanian tax system General theory of taxation PROF. ANDREEA STOIAN, PHD LECTURE 5 Content General theory of taxation Taxes Principles of taxation Tax base and tax
More informationCIE Economics AS-level
CIE Economics AS-level Topic 3: Government Microeconomic Intervention b) Taxes (direct and indirect) Notes Direct Taxes Direct taxes are paid directly to the government from the tax payer. Examples include
More information2007 Thomson South-Western
Application: The Costs of Taxation Welfare economics is the study of how the allocation of resources affects economic wellbeing. Buyers and sellers receive benefits from taking part in the market. The
More informationChapter 14 Section 1: What are taxes?
Chapter 14 Section 1: What are taxes? Tell us therefore, What thinkest thou? Is it lawful to give tribute unto Caesar, or not? But Jesus perceived their wickedness, and said, Why tempt ye me, ye hypocrites?
More informationChapter 2 Supply, Demand, and Markets SOLUTIONS TO EXERCISES
Firms, rices & Markets Timothy Van Zandt August 0 Chapter Supply, Demand, and Markets SOLUTIONS TO EXERCISES Exercise.. Suppose a market for commercial water purification systems has buyers with the following
More informationElasticities of Demand and Supply CHAPTER 5
Elasticities of Demand and Supply CHAPTER 5 5.1 THE PRICE ELASTICITY OF DEMAND Price elasticity ofdemand is a measure of the extent Price elasticity of demand is a measure of the extent to which the quantity
More informationQuiz #1 Week 03/01/2009 to 03/07/2009
Quiz #1 Week 03/01/2009 to 03/07/2009 You have 25 minutes to answer the following 14 multiple choice questions. Record your answers in the bubble sheet. Your grade in this quiz will count for 1% of your
More informationEXEMPT ORGANIZATIONS & THE NEW TAX BILL Changes and implications you should understand
CLICK TO EDIT MASTER TEXT STYLES EXEMPT ORGANIZATIONS & THE NEW TAX BILL Changes and implications you should understand BARB MCGUAN Principal April 23, 2018 CLICK TO EDIT MASTER TEXT AGENDA STYLES FEDERAL
More informationPractice Problem Solutions for Exam 1
p. 1 of 17 ractice roblem olutions for Exam 1 1. Use a supply and demand diagram to analyze each of the following scenarios. Explain briefly. Be sure to show how both the equilibrium price and quantity
More informationMicroeconomics. The Design of the Tax System. Introduction. In this chapter, look for the answers to these questions: N.
C H A P T E R 12 The Design of the Tax System P R I N C I P L E S O F Microeconomics N. Gregory Mankiw Premium PowerPoint Slides by Ron Cronovich 2010 South-Western, a part of Cengage Learning, all rights
More informationLO AGENDA Mon 2/1. QOD #9: New Zombie GDP Review HW (CH 25 Q# 1-4 P #1) Economic Growth HW: Read pp Q #9-10
LO1 25-1 AGENDA Mon 2/1 QOD #9: New Zombie GDP Review HW (CH 25 Q# 1-4 P #1) Economic Growth HW: Read pp 512-523 Q #9-10 LO1 25-2 QOD #9: New Zombie GDP Suppose that work hours in New Zombie are 200 in
More informationSupply, Demand, and Government Policies. In this chapter, look for the answers to these questions:
6 upply, emand, and Government olicies R I N C I L E O F ECONOMIC FOURTH EITION N. GREGORY MANKIW oweroint lides by Ron Cronovich 26 Thomson outh-western, all rights reserved In this chapter, look for
More informationLecture 8. Application: the cost of taxation
Lecture 8 Application: the cost of taxation By the end of this lecture, you should understand: how taxes reduce consumer and producer surplus the meaning and causes of the deadweight loss from a tax why
More informationChapter 6. Introduction. Learning Objectives. Funding the Public Sector. Distinguish between average tax rates and marginal tax rates
Chapter 6 Funding the Public Sector Introduction Do you think that so-called private accounts could help save the Social Security system? Is the Social Security system really in trouble? Copyright 2008
More informationTexas Public Policy Revenue & Spending (Chapter 12 ) Texas State Government GOVT Dr. Michael Sullivan
Texas Public Policy Revenue & Spending (Chapter 12 ) Texas State Government GOVT 2306 192 Dr. Michael Sullivan AGENDA July 31 1. Current Events 2. Public Policy 1. Revenue 2. Spending 7:00 class doesn
More informationA Whole New Ballgame: How Tax Reform Will Affect Individuals and Businesses Tax Reform Guide.
2018 Tax Reform Guide A Whole New Ballgame: How Tax Reform Will Affect Individuals and Businesses Copyright 2018 Adam Shay CPA, PLLC. All rights reserved. A Whole New Ballgame: How Tax Reform Will Affect
More informationA Whole New Ballgame: How Tax Reform Will Affect Dentists Tax Reform Guide.
2018 Tax Reform Guide A Whole New Ballgame: How Tax Reform Will Affect Dentists Copyright 2018 Adam Shay CPA, PLLC. All rights reserved. A Whole New Ballgame: How Tax Reform Will Affect Dentists For most
More informationBasics of Economics. Alvin Lin. Principles of Microeconomics: August December 2016
Basics of Economics Alvin Lin Principles of Microeconomics: August 16 - December 16 1 Governments and Markets 1.1 Ceilings A price ceiling is a regulation making it illegal to charge more than specified
More informationSPECIAL REPORT: Long-Term Care Planning
Call today: 757-399-7506. We help families navigate the legal maze and implement plans to secure their futures. SPECIAL REPORT: Long-Term Care Planning LONG-TERM CARE PLANNING Roughly 50% of healthy Americans
More informationb) If the supply curve is horizontal, then an upward shift in the demand function will lead to a higher price and quantity in equilibrium.
Q1) TRUE or FALSE: a) If consumer 1 has the demand function x 1 = 1000 2p and consumer 2 has the demand function x 2 = 500 p, then the aggregate demand function for and economy with just these two consumers
More informationApplication: The Costs of Taxation
Application: The Costs of Taxation Chapter 8. Application: The Costs of Taxation Welfare economics is the study of how the allocation of resources affects economic well-being. Buyers and sellers receive
More information14-1: How Taxes Work NOTES
14-1: How Taxes Work NOTES Learning Target 1. I will demonstrate my understanding of the different types of taxes and what tax revenue is used for. Government Revenue Tax: a mandatory payment to a local,
More informationEcon Principles of Microeconomics - Assignment 2
Econ 2302 - Principles of Microeconomics - Assignment 2 Multiple Choice Identify the choice that best completes the statement or answers the question. 1. If a nonbinding price ceiling is imposed on a market,
More informationC H A P T E R 1 9 T H E E Q U I T Y I M P L I C A T I O N S O F T A X A T I O N : T A X I N C I D E N C E
19.1 Tax Incidence C H A P T E R 1 9 T H E E Q U I T Y I M P L I C A T I O N S O F T A X A T I O N : T A X I N C I D E N C E Sources of federal government revenue, 1960 and 2008: Category: 1960 2008 Income
More informationUsing the Tax Return to Determine the Real Income of the Estate. Larry Settles, CPA/ABV, etc. Investigative Account January 10, 2018
Using the Tax Return to Determine the Real Income of the Estate Larry Settles, CPA/ABV, etc. Investigative Account 214 707-1318 January 10, 2018 Agenda Real (Gross) versus Taxable Income The 411 on the
More informationEXAMINATION 2 VERSION A "Applications of Supply and Demand" March 9, 2015
Signature: William M. Boal Printed name: EXAMINATION 2 VERSION A "Applications of Supply and Demand" March 9, 2015 INSTRUCTIONS: This exam is closed-book, closed-notes. Simple calculators are permitted,
More informationEconomics. Supply, Demand, and Government Policies. Principles of. In this chapter, look for the answers to these questions:
N. Gregory Mankiw rinciples of Economics ixth Edition 6 upply, emand, and Government olicies Modified by Joseph Tao-yi Wang remium oweroint lides by Ron Cronovich In this chapter, look for the answers
More informationCal Poly Pomona, EC Bruce Brown NAME (please clearly print your family name with all capital letters)
Cal Poly Pomona, EC 201 - Bruce Brown NAME Exam 2, February 25, 2002 (please clearly print your family name with all capital letters) - You should mark your answers on the exam, it will be returned. -
More informationFunding the Public Sector
6 Funding the Public Sector Learning Objectives After you have studied this chapter, you should be able to 1. define marginal and average tax rates, proportional, progressive, and regressive taxation,
More informationEcon 1101 Spring 2013 Week 4. Section 038 2/13/2013
Econ 1101 Spring 2013 Week 4 Section 038 2/13/2013 Announcements Aplia experiment: 7 different times. Only need to participate in one to get bonus points. Times: Wed 9pm, Wed 10pm, Thurs 1pm, Thurs 9pm,
More informationAQA Economics A-level
AQA Economics A-level Macroeconomics Topic 5: Fiscal and Supply Side Policies 5.1 Fiscal policy Notes Fiscal policy involves the manipulation of government spending, taxation and the budget balance. It
More informationEXAMINATION 2 VERSION C "Applications of Supply and Demand" March 9, 2015
Price William M. Boal Signature: Printed name: EXAMINATION 2 VERSION C "Applications of Supply and Demand" March 9, 2015 INSTRUCTIONS: This exam is closed-book, closed-notes. Simple calculators are permitted,
More informationEXAMINATION 2 VERSION B "Applications of Supply and Demand" March 9, 2015
Signature: William M. Boal Printed name: EXAMINATION 2 VERSION B "Applications of Supply and Demand" March 9, 2015 INSTRUCTIONS: This exam is closed-book, closed-notes. Simple calculators are permitted,
More information14.41 Fall 2004 Mock Final Solutions T/F/U
14.41 Fall 2004 Mock Final Solutions T/F/U 1. False the benefits of music education are no longer captured by the town that provides them; rather, residents of every town benefit from the education provided
More informationMidterm #2 / Version #1 October 27, 2000 TF + MC PROBLEM TOTAL VERSION 1
Economics 101 Lec 3 Elizabeth Kelly Fall 2000 Midterm #2 / Version #1 October 27, 2000 Student Name: ID Number: Section Number: TA Name: TF + MC PROBLEM TOTAL VERSION 1 DO NOT BEGIN WORKING UNTIL THE INSTRUCTOR
More informationApplication: The Costs of Taxation
Application: The Costs of Taxation Chapter 8 Copyright 2001 by Harcourt, Inc. All rights reserved. Requests for permission to make copies of any part of the work should be mailed to: Permissions Department,
More informationECONOMICS PUBLIC SECTOR. of the JOSEPH E. STIGUTZ. Second Edition. W.W.NORTON & COMPANY-New York-London. Princeton University
ECONOMICS of the PUBLIC SECTOR a Second Edition JOSEPH E. STIGUTZ Princeton University W.W.NORTON & COMPANY-New York-London Contents Preface Part One xxi Introduction 1 The Public Sector in a Mixed Economy
More informationThe Effects of a Tax. Review from Chapter 6: The Effects of a Tax. The Effects of a Tax P. Application: The Costs of Taxation
8 Application: The Costs of Taxation R I N C I L E O F ECONOMIC F O U R T H E I T I O N N. G R E G O R Y M A N K I W remium oweroint lides by Ron Cronovich 2008 update Modified by Joseph Tao-yi Wang 2008
More informationis a concept that relates the responsiveness (or sensitivity) of one variable to a change in another variable. Elasticity of A with respect to B = %
Elasticity... is a concept that relates the responsiveness (or sensitivity) of one variable to a change in another variable. Elasticity of A with respect to B = % change in A / % change in B Elasticity
More informationExtending the Analysis of Aggregate Supply
35 Extending the Analysis of Aggregate Supply McGraw-Hill/Irwin Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved. AGENDA Tues 3/1 Team Teaching: CH 35 P3: Grant, Hannah, Jason, Pedro
More informationAny book of Microeconomics can be useful: Microeconomics and Behavior, R. H. Frank Microeconomic Analysis (H. Varian) 2/22/2016 1
Any book of Microeconomics can be useful: Microeconomics and Behavior, R. H. Frank Microeconomic Analysis (H. Varian) 2/22/2016 1 Basics of the economics of taxation Taxation in competitive market Commodity
More information