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federal and state
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A US company produces products that it sells both in the US and overseas Which level of government may tax the company?
Local, state, and national government may tax the company.
What might happen in an economy if a government increases income tax rates?
There will be less money for citizens to spend/save and the economy will slow/shrink. Also more citizens will seek ways to avoid paying taxes.
What does the Laffer curve show?
The laffer curve shows that there is a level of taxation at which government revenue is maximised. It assumes that government revenue will be zero if tax rate is 100% since nobody would work and assumes that if tax rate was zero then government would receive no revenue. As such it is logical to assume that there must be a tax rate between 0 and 100 which would maximise government revenueThe Laffer curve is a graph in economics that shows the relationship between the federal tax rate, and total government revenue. If the y-axis is government revenue, and the x-axis is tax rate, the graph appears to be an upside down parabola; however, if the x-axis is govt. tax revenue, and the y-axis is tax rate, the graph is a sideways, parabolic non-function. Either way, at a tax rate of 100%, there is $0 in revenue, and at a tax rate of 0%, there is also $0 in revenue. It illustrates that at a certain tax rate, govt. revenue is maximized.
Will people below the poverty level get a tax break on the fair tax?
I would imagine that people below the poverty level will get a tax decrease.
Where does most of the government's money go to?
meet the needs of citizens for important services , the taxes that pay for government , parts of most citizens incomes , in addition.
Can the state constitution tax citizens?
No, it is not the constitution that taxes citizens, it is the government. The text of the constitution (of which ever country you are from - you did not specify) will however allow the government to tax citizens.
Which is the major source of tax revenue for central government?
Citizens.
The level of government which most visibly affects the daily lives of citizens is?
The local level of government which most visibly affects the daily lives of citizens.
Why does the government need to tax citizens?
tax goes towards government spending on public services such as: healthcare, education, public transport etc...
Why couldn't the government have the power to tax?
they didnt have money to run the government
What is corporate tax describe its benefits and objectives?
Corporate tax is important, as it gives the government revenues with an objective of helping its citizens.
At which level of government is property tax assessed?
Local A+
Do US citizens have to pay tax on employment income?
Yes. It's called Income Tax. States can require an income tax, and there is tax payable to the Federal Government.
Which level of government may tax a company?
Local,State,and National government
Who has the power to tax the us citizens?
The Internal Revenue Service a.k.a. the government of the US
How much money does a government make?
Governments do not make money, they just tax the citizens.
Do Georgia residents pay a tax to the federal government?
Yes...all State citizens pay US federal tax...no exceptions.
