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Chapter 30: Q. 4 (page 741)
Suppose that gifts were taxed at a rate of for amounts up to and for anything over that amount.
Would this tax be regressive or progressive?
The tax would be Progressive.
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What taxes would an individual pay if he were self-employed and the business is not incorporated?
What is the benefit of having state and local taxes on income instead of collecting all such taxes at the federal level?
Have the spending and taxes of the U.S. federal government generally had an upward or a downward trend in the last few decades?
If a government runs a budget deficit of \(10 billion dollars each year for ten years, then a surplus of \)1 billion for five years, and then a balanced budget for another ten years, what is the government debt?
True or False:
a. Federal spending has grown substantially in recent decades.
b. By world standards, the U.S. government controls a relatively large share of the U.S. economy.
c. A majority of the federal government's revenue Is collected through personal income taxes.
d. Education spending is slightly larger at the federal level than at the state and local level.
e. State and local government spending has not risen much in recent decades.
f. Defense spending is higher now than ever.
g. The share of the economy going to federal taxes has increased substantially over time.
h. Foreign aid is a large portion, although less than half, of federal spending.
i. Federal deficits have been very large for the last two decades.
j. The accumulated federal debt as a share of GDP is near an all-time high.
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