Explain each concept and give examples? (f) progressive (g) average tax rate (h) marginal tax rate (i) public choice...

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Economics

Explain each concept and give examples?
(f) progressive
(g) average tax rate
(h) marginal tax rate
(i) public choice theory
(k) government expenditures
(l) rational ignorance

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f Progressive A progressive tax places a higher rate on the wealthy compared with the poor This is founded upon the income or property of the taxpayer Its provided to help households with lower incomes pay for necessities such as housing food and transport A progressive tax allows them to spend a greater portion of their income on the cost of living expenses A flat tax or regressive tax diminishes their ability to have reasonable living standards They deduct a greater percentage of income from the poor compared with the wealthy The property tax is proportional It is imposed at a rate of 40 per cent on sums greater than 114 million as of 2019 on the gross value of assets passed on to living beneficiaries In 2018 the Trump tax plan nearly reversed See Answer

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