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Economists have considered poll taxes economically efficient because people are presumed to be in fixed supply and poll taxes, therefore, do not lead to economic distortions. However, poll taxes are very unpopular because poorer people pay a higher proportion of their income than richer people.
The effect of this type of tax can be illustrated on a standard supply and demand diagram. Without a tax, the equilibrium price will be at Pe and the equilibrium quantity will be at Qe. After a tax is imposed, the price consumers pay will shift to Pc and the price producers receive will shift to Pp. The consumers' price will be equal to the ...
Donors of gifts in excess of the annual exclusion must file gift tax returns on IRS Form 709 [100] and pay the tax. Executors of estates with a gross value in excess of the unified credit must file an estate tax return on IRS Form 706 [101] and pay the tax from the estate. Returns are required if the gifts or gross estate exceed the exclusions.
For example, if you’re a car mechanic and you agree to fix a person’s car in exchange for them doing plumbing work on your house that’s worth $500, you must pay income taxes on $500. Income ...
Few Americans (5 percent) put tax reform as their top economic issue for the upcoming election, ... (40 percent) must pay taxes on their benefits, according to the Social Security Administration ...
Trump then dove into a bit of American economic history, recounting how tariffs once funded the federal government before being replaced by income taxes. “Our country was the richest in the ...
Most public finance economists acknowledge that nominal tax incidence (i.e. who writes the check to pay a tax) is not necessarily identical to actual economic burden of the tax, but disagree greatly among themselves on the extent to which market forces disturb the nominal tax incidence of various types of taxes in various circumstances.
The Institute on Taxation and Economic Policy, a liberal think tank, found that Trump’s plans would raise the tax burden on lower-income Americans, cut taxes for the wealthy and significantly ...