0
Who actually bears the burden of the tax
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
Difference between incidence and impact of taxation?
The impact of a tax refers to the person who pays it to the government in the first instance. The incidence of a tax refers to the money burden of a tax on the person who ultimately pays it. - MP
What are some advantages and disadvantages of a Progressive tax?
Advantage: Progressive taxes attempt to reduce the tax incidence of people with a lower ability-to-pay, as they shift the incidence increasingly to those with a higher ability-to-pay
What is the definition of direct and indirect taxes with one example?
Answer 1Direct taxes are aimed at a particular type of person, for example income tax. There are brackets, and the more you earn the more you pay. Indirect taxes, such as VAT are the same for everyone, so the poor are hit harder than the rich.Answer 2Direct taxes are the taxes for which the liability and the incidence of tax lies on the same person,whereas ,in case of indirect taxes, the liability and the incidence of the tax lies on different persons.Say,income tax is a direct tax & it is paid by the same person on whom it is levied.But in case of sales tax,which is an indirect tax,it is levied on the seller but it is actually paid by the buyer by means of increase in price of the product.
Why is the residential status of an assessee important for income tax purpose?
The residential status of an assessee is important for income tax purpose for following reasons. 1) It is important to make sure that the person being assessed belongs to a particular country during particular period and is not able to evade the tax. 2) Tax incidence or Tax burden on an assessee depends on his residential status.
CAN I DEDUCT LOWES ON MY TAX RETURN?
I don't know anything about your tax return but I can say that if you have a personal tax return and purchases from Lowes that you refer to are for normal maintenance of your home the answer is no. You cannot deduct expenses for maintaining your home.
What is the incidence of tax?
Tax incidence refers to who actually pays the tax. Tax incidence can be divided into 1. formal incidence :the party liable to the tax 2. Informal incidence :party who actually pays the tax, The tax incidence is decided by the elasticity of demand and supply for a good or service.
What is tax incidence is concerned with?
Tax incidence is concerned with the tax welfare. Specifically, it analyzes the tax on economic welfare. It's said tax incidence takes the burden of the tax.
Does tax incidence is concerned with tax loopholes?
False
What is the difference between legal incidence and effective incidence?
The legal incidence is on the person or company who is legally obliged to pay the tax. Effective incidence refers to who actually ends up paying the tax.
What is the incidence of corporate tax in an imperfectly competitive market graphhically and mathematically?
what is the incidence of corporate tax in an imperfectly competitive market graphically and mathematically?
Difference between incidence and impact of taxation?
The impact of a tax refers to the person who pays it to the government in the first instance. The incidence of a tax refers to the money burden of a tax on the person who ultimately pays it. - MP
What determines the incidence of a tax?
the elasticity of demand of the product taxed
What are some advantages and disadvantages of a Progressive tax?
Advantage: Progressive taxes attempt to reduce the tax incidence of people with a lower ability-to-pay, as they shift the incidence increasingly to those with a higher ability-to-pay
What has the author Amedeo Tagliacozzo written?
Amedeo Tagliacozzo has written: 'I sabra del kibbutz' -- subject(s): Kibbutzim, Socialization 'Per una sociologia dell'evasione fiscale' -- subject(s): Income tax, Progressive taxation, Social aspects of Tax incidence, Social classes, Tax deductions, Tax evasion, Tax exemption, Tax incidence
What has the author Gregg A Esenwein written?
Gregg A Esenwein has written: 'Comparative tax burdens' -- subject(s): Tax incidence
What has the author A J Stagliano written?
A. J. Stagliano has written: 'Incidence of the Insurance Company Federal Income Tax' 'The incidence of the life insurance company Federal income tax' -- subject(s): Life Insurance, Taxation
What has the author Donald Peppard written?
Donald Peppard has written: 'Net fiscal incidence in Michigan' -- subject(s): Appropriations and expenditures, Income distribution, Tax incidence
