Inequalities Flashcards
(9 cards)
1
Q
4 types of gov spending
A
Current
Capital
Welfare
Debt interest
2
Q
What is gov spending for
A
Acheive macroeconomic especially in recession
Reduce income inequality
Correct market faliure
3
Q
Forms of taxation
A
Direct - income /corp
Indirect - ad valorem - vat
Specific - eac( unit has same value of tax. - cigarette, fuel, alcohol sugar duty
4
Q
Reasons for taxation
A
Raise gov rev
Influence macroeconomy
Reduce income inequality
Correct market faliure
Protectionism
5
Q
Progressive tax
A
As income rises ROT rises
6
Q
Flat tax or proportional tax
A
As income rises rot remains same
7
Q
Regressive tax
A
As income rises rot decreases
8
Q
What are tax rates and how long for
A
12,570 tax free
12571-50270 - 20%
50271- 125140 - 40%
125140 - 45%
Frozen until 2028
9
Q
A
