Question
13. Fractional assessment refers to assessing properties at less than market value for tax purposes. True False 14. Exemption of food purchases from a sales
13. Fractional assessment refers to assessing properties at less than market value for tax purposes.
True
False
14. Exemption of food purchases from a sales tax reduces regressively because
A. total food purchases decline as income rises.
B. the percent of income spent on food generally falls as family income is higher.
C. low income families spend more money on food than do high income families.
D. food exemption does not reduce regressively.
15. In Europe, the sales tax that yields more revenue than any other is the
A. Luxury tax
B. Value Added Tax (VAT)
C. Retail Sales Tax
D. Excise tax
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