Tax

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  • Created by: ZaraZaman
  • Created on: 20-02-15 15:27
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  • Taxes
    • What makes a good tax?
      • Fairness
      • Should not affect sensible economic behaviour
      • Stability
      • Cheap to collect
      • Simple to calculate
      • Convenient to pay
    • Types of Taxes
      • Excise duty
        • Taxes on specific goods
          • EG cigarettes
      • Corporation
        • Paid by firms based on profit levels
      • Capital gains
        • Paid on the increase of value of your assets
      • Inheritance
        • Tax on deceased person's assets
      • Direct
        • Based on income or earnings
          • EG income tax
      • Regressive
        • Tax rate decreases as income increases
      • Proportional
        • Tax rate remains constant
      • Progressive
        • Tax rate increases with income
      • Indirect
        • Added to the price of a good or service
          • Eg VAT

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