Asked by
Olivia Fears
on Oct 13, 2024
Verified
Statement I: Most taxes are proportional,in effect.
Statement II: The federal government gets most of its revenue from indirect taxes.
A) Statement I is true and statement II is false.
B) Statement II is true and statement I is false.
C) Both statements are true.
D) Both statements are false.
Indirect Taxes
Taxes levied on goods and services rather than on income or profits, such as sales tax or value-added tax (VAT).
- Gain insight into the organization and impact of multiple tax varieties, including corporate income tax, excise taxes, and Social Security tax.
- Familiarize oneself with the ideas of progressive, proportional, and regressive taxation and how these concepts manifest in different tax environments.
- Identify the differences between direct and indirect taxes and their impact on individuals liable for taxes.
Verified Answer
HR
Learning Objectives
- Gain insight into the organization and impact of multiple tax varieties, including corporate income tax, excise taxes, and Social Security tax.
- Familiarize oneself with the ideas of progressive, proportional, and regressive taxation and how these concepts manifest in different tax environments.
- Identify the differences between direct and indirect taxes and their impact on individuals liable for taxes.