Tax was ____ and state spending was ____, resulting in a budget deficit.
A.high, low
B.high, high
C.low, low
D.low, high
A.high, low
B.high, high
C.low, low
D.low, high
A.They have the same percentage.
B.The percentage of the state tax is higher than that of the federal tax.
C.The percentage of the federal tax is higher than that of the state tax.
D.It is not mentioned in the passage.
A.Enterprise income tax (EIT)
B.Individual income tax (IIT)
C.Land appreciation tax (LAT)
D.Business tax (BT)
A、federal governments, but not by state or local governments.
B、federal and state governments, but not by local governments.
C、federal, state, and local governments.
D、federal, state, and local governments, as well household spending by employees of those governments.
(ii) State, giving reasons, the tax reliefs in relation to inheritance tax (IHT) and capital gains tax (CGT) which
would be available to Alasdair if he acquires the warehouse and leases it to Gallus & Co, rather than to
an unconnected tenant. (4 marks)
A.The amount of money citizens spend on products subject to the state tax tends to be equal across income levels.
B.The federal income tax favors citizens with high incomes, whereas the state sales tax favors citizens with low incomes.
C.Citizens with low annual incomes can afford to pay a relatively higher percentage of their incomes in state sales tax, since their federal income tax is relatively low.
D.The lower a state"s sales tax, the more it will tend to redistribute income from the more affluent citizens to the rest of society.
E.Citizens who fail to earn federally taxable income are also exempt from the state sales tax.
(ii) State when the inheritance tax (IHT) calculated in (i) would be payable and by whom. (2 marks)
(b) State the immediate tax implications of the proposed gift of the share portfolio to Avril and identify an
alternative strategy that would achieve Crusoe’s objectives whilst avoiding a possible tax liability in the
future. State any deadline(s) in connection with your proposed strategy. (5 marks)
Question 7
Explain: "Equal increases in government spending and tax revenues of n dollars will increase the equilibrium GDP by n dollars". Does this hold true regardless of the size of the MPS?
(c) State the tax consequences for both Glaikit Limited and Alasdair if he borrows money from the company, as
proposed, on 1 January 2006. (3 marks)
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