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Why might wealthy oppose income taxes and poor people oppose sale taxes?
Income taxes are usually progressive, so would effect the wealthy the most, while sales taxes would have a greater effect on the poor.
Why might wealthy people oppose income taxes and poor people oppose sales taxes?
Each opposes the tax that would have the greatest effect on them.
By how much will popcorn sales increase if average income goes up by 18 percent (Assume the income elasticity of popcorn is 3.29.)?
To calculate the increase in popcorn sales due to an 18 percent rise in average income, we can use the formula for income elasticity of demand: Percentage change in quantity demanded = Income elasticity × Percentage change in income. Given an income elasticity of 3.29, the increase in sales would be 3.29 × 18% = 59.22%. Thus, popcorn sales are expected to increase by approximately 59.22%.
What is economic constraints?
an economic constraint is something that will affect a business for example, customers have stopped spending their disposable income on luxuries because of a recession, so a business will lose sales and profits
Why is sales tax a regressive tax?
Sales tax is considered a regressive tax because it takes a larger percentage of income from low-income individuals compared to high-income individuals. Since everyone pays the same rate regardless of income, lower-income households spend a higher portion of their earnings on taxable goods and services. This disproportionate impact means that as income decreases, the relative burden of sales tax increases, making it more challenging for those with limited financial resources.
Why might wealthy oppose income taxes and poor people oppose sale taxes?
Income taxes are usually progressive, so would effect the wealthy the most, while sales taxes would have a greater effect on the poor.
Why might wealthy people oppose income taxes and poor people opposed sale tax?
Income taxes are usually progressive, so would effect the wealthy the most, while sales taxes would have a greater effect on the poor.
What percent of total tax revenue does the lowest 50 percent?
The answer depends on:what tax (income, sales/value added, inheritance or other)? Different taxes affect different groups differently.in which country?
Why might wealthy people oppose income taxes and poor people oppose sales taxes?
Each opposes the tax that would have the greatest effect on them.
How do you calculate sales from net income percentage?
Sales can be calculated by using net income percentage because net income is always reported as a percentage of sales. For exmaple net income of 20 is a 20% of sales so sales will be as follows: 20% sales = net income Sales = Net income / 20 * 100 Sales = 20 /20 * 100 = 100 So Sales = 100
Is sales an asset account?
Sales is generally considered "Revenue" or "Income" and therefore are an Owners Equity Account. Sales affect Retained Earnings and Retained Earnings affects Owners Equity.
How income as an economic factor affect business?
Income as a direct affect on business. the purchasing power of an individual depends upon his/her disposable income (income-taxes). when income is more they will purchase more and vice verse. So when the aggregate income of the people will fall, the demand for the products and services will decrease which will in turn result in low sales as well as profit of a business.
Florence grew wealthy through?
Florence grew wealthy through her successful career as a music artist, including album sales, concert tours, and endorsements. She also diversified her income through investments in various business ventures.
Is sales return an income account?
Yes, sales returns does appear in the income statement:Revenues:Sales 250,000less Sales returns 25,000
Is net sales and and net income the same thing?
Net sales and Net Income are not of the same thing. Net sales is sales less its contra accounts (sales returns and allowances, sales discounts). On the other hand, net income or profit is net sales less the expenses.
What has the author Shaikh Mohammed Ghazanfar written?
Shaikh Mohammed Ghazanfar has written: 'Impact of retail sales taxation: by age groups, family sizes, and income classes' -- subject(s): Sales tax
How do you present sales returns in the income statement?
sales+sales return=net sales
