Question
The 'Vertical Equity' principle of taxation implies
that:Solution
- Equity in taxation has two main principles:
- Horizontal Equity:  People with similar ability to pay  (similar income, wealth) should pay similar amounts in tax. (Option a describes this).
- Vertical Equity:  People with greater ability to pay  should contribute a larger proportion  of their income/wealth in taxes. This is the justification for progressive taxation , where the tax rate increases as the taxable amount increases. It is based on the concept of the "diminishing marginal utility of money."
The health risks and its _______ on the global economic ecosystem has been the major priority agenda for all APEC economies this year.
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In the question below, a sentence is given with two blanks to be filled in with appropriate words. Four alternatives are suggested for each question. Ch...
The startup is growing quickly, but they need to ensure they don’t _______ and make careless mistakes.
It must give policymakers a _______________ of satisfaction that the slowdown seen during the last fiscal year and in the first quarter has been revers...
Choose the correct form of the verb to go with the subject.
On the day of the departure, every one of the boat's crew _________ down with fever.
_________ these disadvantages, he possessed great innate wisdom and a true generosity of spirit.
- The given question has one blank indicating that something has been omitted. Choose the word for the given options that could fit in the blank correctly. <...
My father had neither much formal education nor _________ wealth.
Choose the appropriate answer.
