//melvindale.melnapschools.com/apps/classes/1016938/assignments/ Class Name: Economics - 2nd Hour - Semester 2 - 20/21-2nd Hour Instructor(s): Ian Striz en-us SchoolSitePro //melvindale.melnapschools.com/homeworkItem7862108 //melvindale.melnapschools.com/apps/classes/1016938/assignments/ ]]> Thu, 03 Jun 2021 00:13:34 PDT //melvindale.melnapschools.com/homeworkItem7781546 //melvindale.melnapschools.com/apps/classes/1016938/assignments/ ]]> Mon, 24 May 2021 18:03:30 PDT //melvindale.melnapschools.com/homeworkItem7741682 //melvindale.melnapschools.com/apps/classes/1016938/assignments/

Then, in the space provide here, respond to these prompts:


1. Identify 2 changes the federal government has made to the Child Tax Credit.
2. Is this policy more likely to FIRST increase demand (consumption) or supply (production) in the economy?


I have also linked to the full article if you would like to try to read that on your own time. It may be hidden behind a paywall. If it is not, the WSJ has a feature that will read the article to you.
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Most people agree that taxes are necessary but that too much taxation is bad for the economy. The most effective taxes are simple, equitable, and efficient.

One question we ask when deciding on taxes is who should pay them. Below are two answers to that question:

1. People who get the benefit from the government service should have to pay, i.e. if you drive a car you pay a gas tax, or if you drive on a toll(tax) road you pay the toll(tax). - Benefit Principle

2. People who have the ability to pay should have to pay, i.e. if someone earns more than enough income for them to live comfortably, they should pay more in tax than someone who does not earn enough income. - Ability to Pay Principle

Another question we ask is what type of tax? There are 3 types:

1. Progressive - The more resources/wealth/income you have, the higher percentage of taxes you pay. One example is income taxes.
2. Regressive - The less resources/wealth/income you have, the higher percentage of taxes you pay. One example is sales taxes on necessary goods and services.
3. Proportional - Everyone pays the same percentage of tax regardles of their resources/wealth/income. One example is property taxes.

In this assignment you are going to explore the answer to those questions: Who should have to pay taxes. First, we will build some background together about taxes. Second, watch the video and respond to the questions in the attached Google Form. This is what you will turn in.
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I have set the due date for today. If you don't get it done today, reminder, I accept work up to 7 days past the deadline with no penalty, so don't stress.
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