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1 year ago

Which recent president raised taxes when the income tax share of gdp was very low?

Business

1 answer:

alexira [117]1 year ago

7 0

George H.W. Bush firmly said, "Read my lips: no new taxes."

He would continue to be troubled by the words. The top tax rate was increased from 28% under Ronald Reagan to 31% by the Omnibus Budget Reconciliation Act of 1990.

What is Tax??

In order to ensure that taxpayers are paying the proper amount of tax at the proper time and obtaining the proper tax allowances and tax reliefs, tax compliance refers to both policy actions and individual behaviour. A tax is a mandatory financial charge or some other type of levy imposed on a taxpayer (A person or legal entity) is used by a government organisation to pay for government expenses and other public expenditures (regional, local, or national). Around 3000–2800 BC, the first recorded taxation was enacted in ancient Egypt. Non-compliance with the law includes failing to pay on time as well as evading or resisting taxation. Taxes can be paid in cash or in the labour equivalent and can be either direct or indirect.

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Cost, revenue, and profit are in dollars and x is the number of units. Suppose that the marginal revenue for a product is MR = 1

n200080 [17]

Answer:

Profit 6,130

Explanation:

MC = 30X + 4

when X=5

Cost to produce 5 units:

We will need to calcualte the MC for 1, 2 , 3, 4 and 5 units and then add them together

MC = 30(5) + 4 = 150 + 4 = 154

MC = 30(4) + 4 = 150 + 4 = 124

MC = 30(3) + 4 = 150 + 4 = 94

MC = 30(2) + 4 = 150 + 4 = 64

MC = 30(1) + 4 = 150 + 4 = 34

Total 470

Giving this, now anther way, more easy would be to use the Gauss method to a summatory:

$S=\frac{n\times(n+1)}{2}$

S to 5 from 1 of (30x+4) =

$30 \times \frac{5\times6}{2} +4 \times 5$

S = 470

Now we can continue:

Total Marginal cost 470 + Fixed Cost: 900 = 1370

MR = 1500 revenue for adding 1 unit

1500 x 5 = 7500 total revenue

total revenue - total cost = profit

7500 - 1370 = 6,130

3 0

2 years ago

Georgia Corp. uses the indirect method to prepare the statement of cash flows. Refer to the following section of the comparative

Lelu [443]

The change in Accounts Receivable will be shown on the statement of cash flows as:

C. Subtraction from net income under the operating activities section.

Net income is calculated by deducting from total revenue the cost of sales, operational expenses, depreciation, interest, amortization, and taxes.

Change in Accounts Receivable:-

Accounts Receivable

In 2019 $ 48,000

In 2018 $ 45,000

Increase in Current Assets $ 3,000

This implies Cash outflow from Operating Activities.

Thus it should be subtracted from Net Income under the Operating Activities section.

Net income is a company's profit for a given period, whereas cash flow from operating activities measures the cash that comes in and goes out during a company's day-to-day operations. Net income is used to calculate cash flow from operating activities. However, both are important in determining a company's financial health.

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3 0

3 months ago

Economists working for the united states have determined that the elasticity of demand for gasoline is 0.5. capcitymetro decides

Agata [3.3K]

Answer: Inelastic, Elastic

Explanation:

Demand for a good is inelastic when it is less than 1 and elastic when it is greater than 1.

Economists claim that for United States the elasticity is 0.5 that is the demand for gasoline is inelastic.

Capacity metro increases price from $2.00 to $2.21 as a result demand falls from 70,000 rides to 61,000 rides.

$e= \frac{70,000 - 61,000}{70,000} * \frac{2.00}{2.21 - 2.00}$

= $= \frac{9,000}{70,000}*\frac{2}{0.21}$

$=1.22$

Demand for capacity metro rides is elastic.

7 0

2 years ago

The top of a ladder must extend how many feet above the surface a working is climbing onto?

soldi70 [24.7K]

is this multiple choice? and my answer is maybe 3 to 4 feet

3 0

2 years ago

Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company’s accounts receivable on December 31, and a hist

gregori [183]

Answer:

The adjusting entry for uncollectible accounts as of December 31:

Debit Bad debts expense $68,550

Credit Allowance for doubtful accounts $68,550

Explanation:

Estimated uncollectible = $892,000 x 3/4% + $285,000 x 1% + $101,000 x 8% + $63,000 x 16% + $43,100 x 50% + $17,700 x 80% = $6,690 + $2,850 + $8,080 + $10,080 + $21,550 + $14,160 = $63,410

The company uses aging of accounts receivable to estimate uncollectible. The allowance for doubtful accounts had a debit balance of $5,140 as of December 31.

Bad debts expense = $63,410 + $5,140 = $68,550

The adjusting entry for uncollectible accounts:

Debit Bad debts expense $68,550

Credit Allowance for doubtful accounts $68,550

3 0

2 years ago