Taxation ng inamo

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econ i2

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8 Terms

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Tax

It drives a wedge between the price buyers pay and the price sellers receive

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Tax Revenue

These can fund beneficial services such as education, roads, and infrastructures.

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Dead Weight loss

It refers to the fall in total surplus that results from a market distortion

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marginal tax rate

It refers to the tax on the last dollar of earnings: 40%

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Tax on labor income

It’s the biggest source of government revenue.

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Increases: rises

When tax __________ DWL ________

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Laffer Curve

This shows the relationship between the size of the tax and tax revenue. 

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Higher

Higher elasticities mean ________ DWLs.