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G S 0 shoreline.instructure.com C Sign in to your account Quiz: Homework: The Tax Game C Taxes Question 3 0.5 pts Step 1.B.1. - Sales Tax rate You must decide the SalesTax. For reference, state and local sales taxes around Seattle add up to approximately 10%, some of the highest in America. In the USA, there is no national sales tax, although a number of countries have them, also known as VATs (value added taxes) or GSTs (general sales taxes.) Sales tax revenue (in billions of $) at various tax rates 0% 2% 4% 6% 8% 10% 12% revenue $0 $60 $120 $180 $240 $300 $360 The sales tax rate in Shorelinia will be %. (fill in space below) Edit View Insert Format Tools Table 12pt ~ Paragraph B I U A & Try |: Q @ # $S O A shoreline.instructure.com Sign in to your account Quiz: Homework: The Tax Game C Taxes Teams In p 1 0 words > D Question 10 1 pts What tax or taxes made your system more progressive? Edit View Insert Format Tools Table 12 pt Paragraph ~ | B I U A & TV :G S 0 shoreline.instructure.com C Sign in to your account Quiz: Homework: The Tax Game C Taxes Te D Question 7 1 pts Step 2: - Total tax revenue Based on your choices above, the total tax revenue collected was $ billion from income tax + $ billion from sales tax + $ billion from payroll tax 1I $ billion total tax revenue (fill in space below) If your tax system collected less than $1,000 billion, you will need to raise at least one of the taxes above, making sure that you raise at least $1,000 billion. Don't worry if you go a little bit over. If your tax system collected more than $1,100 billion, you need to lower at least one of the taxes. When your total tax collection is at least $1000 billion, and less than $1, 100 billion, go on to the next step. Edit View Insert Format Tools TableB shoreline.in5tructure.com '33 Quiz: Homework; The Tgx Game The Tax Game Scenario: You have just been hired by the country of "Shorelinia" to create a tax system. Your tax system must collect at least $1,000 billion in revenue. You have three taxes to chaos e from; income tax, sales tax, and payroll tax. Directions: Follow Steps 1 - 3 to create your tax system. D Question 1 0.5 pts Step 1.A.1. - Personal Income Tax rates You must decide personal income tax rates for 3 income groups: lower, middle, and upper income. (For each group you will choose the marginal tax rate. Your choices are 0%, 5%, 10%, 15%, 20%, ' 25%, 30%, 35%, 40%, 45%, or 50%.) ,8 table below, you will nd how much revenue you will collect from each income group. Income tax revenue (in billions of $) at % 10% 15% 20% 25% 30% 35% 40% 45% 50% " $40 $60 $80 $100 $120 $140 $160 $130 $200 $75 $100 $125 $150 $175 $200 $225 0250 5150 $200 $250 $300 $350 $4.01 0.5" shoreline.instructure.com Sign in to your account Quiz: Homework: The Tax Game C Taxes Teams In Payroll tax incidence table (find your rate) Payroll Tax rate 10% 2% 4% 6% 8% 10% 12% Tax incidence for lower 0% 3% 6% 9% 11% 14% 18% income group Tax incidence for middle 0% 2% 4% 6% 9% 12% 15% income group Tax incidence for upper 0% 1% 3% 5% 6% 7% 9% income group Question: Effect on lower income group: % income tax incidence + +% sales tax incidence + % payroll tax incidence = Effect on middle income group: % income tax incidence + +% sales tax incidence + % payroll tax incidence =_ % Effect on upper income group: _ % income tax incidence + +% sales tax incidence + % payroll tax incidence = % (fill in space below) Edit View Insert Format Tools Table 12pt ~ Paragraph B I U A & Try |:shoreline.instructure.com Sign in to your account Quiz: Homework: The Tax Game D Question 6 Step 1.C.2 - Payroll tax revenue Look up the tax revenue generated by your chosen tax rate in the table above. The payroll tax revenue will be $. billion. (fill in space below) Edit View Insert Format Tools Table 12pt Paragraph B I U A & TV| : QStep 1.A.2. - Income Tax Revenue Referring to the table above, ' V Total income tax revenue = $ ______ billion (lower) + '$ ______ billion (middle) + $______billion 'Iiupper) = $__ _billion insert Format Tools Table 9.;le I G S shoreline.instructure.com C ign in to your account Quiz: Homework: The Tax Game C Tax Question 5 0.5 p Step 1.C.1. - Payroll Tax rate In the country of Shorelinia, the payroll tax is similar to the Social Security system in the USA. It is collected on wage/salary income up to $100,000 a year. Above this amount, the effective tax rate is 0%. For reference, it is approximately 8% in the USA, with a similar percentage paid by the employer. Payroll tax revenue (in billions of $) at various tax rates 0% 2% 4% 6% 8% 10% 12% revenue $0 $75 $150 $225 $300 $375 $450 The employee payroll tax rate will be % . (fill in space below) Edit View Insert Format Tools Table 12pt ~ Paragraph B I U A & TV: QG shoreline.instructure.com C in to your account Quiz: Homework: The Tax Game C Taxes Question 1 0.5 p Step 1.A.1. - Personal Income Tax rates You must decide personal income tax rates for 3 income groups: lower, middle, and upper income. (For each group you will choose the marginal tax rate. Your choices are 0%, 5%, 10%, 15%, 20%, 25%, 30%, 35%, 40%, 45%, or 50%.) In the table below, you will find how much revenue you will collect from each income group. Income tax revenue (in billions of $) at various tax rates 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Lower $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 Middle $0 $25 $50 $75 $100 $125 $150 $175 $200 $225 $250 Upper $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 The income tax rates will be: Lower (income under $40,000) = % Middle ($40,000 - 100,000) = % Upper (over $100,000) = _ % (fill in space below) Edit View Insert Format Tools Table > Q % & # 5 6 8 9 17 Nshoreline.instructure.com Sign in to your account Quiz: Homework: The Tax Game C Taxes Teams Sale tax incidence table (find your rate) Sales Tax rate 0% 2% 4% 6% 8% 10% 12% Tax incidence for lower income group 0% 1% 3% 4% 6% 8% 10% Tax incidence for middle income 0% 1% 2% 2% 3% 4% 5% group Tax incidence for upper income group 0% 10% 1% 1% 2% 2% 3% Payroll tax incidence table (find your rate) Payroll Tax rate 0% 2% 4% 6% 8% 10% 12% Tax incidence for lower 0% 3% 6% 9% 11% 14% 18% income group Tax incidence for middle 0% 2% 4% 6% 9% 12% 15% income group Tax incidence for upper 0% 1% 3% 5% 6% 7% 9% income group Question: Effect on lower income group: % income tax incidence + +% sales tax incidence + % payroll tax incidence = % Effect on middle income group: % income tax incidence +_ _+% sales tax incidence + % payroll tax incidence = %G S shoreline.instructure.com Sign in to your account Quiz: Homework: The Tax Game D Question 4 Step 1.B.2 - Sales tax revenue Look up the tax revenue generated by your chosen tax rate in the table above. The sales tax revenue will be $. billion. (fill in space below) Edit View Insert Format Tools Table 12pt Paragraph B I U A & TV : QG S 0 shoreline.instructure.com C Sign in to your account Quiz: Homework: The Tax Game C Taxes Teams Question 8 1 pts Step 3: Classification of tax system You will now measure the effect (or burden) of your tax system on different income groups. This is called the tax incidence. It differs from tax rates, because not all income is taxed. For example, there are deductions and exemptions for income tax, untaxed items for the sales tax, and income that is not taxed by the payroll tax. Income tax incidence table (find your three rates for the 3 income groups) Income Tax rate 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Tax incidence for 0% 2% 5% 8% 10% 13% 15% 18% 20% 23% 25% lower income group Tax incidence for 0% 2% 5% 8% 10% 13% 15% 18% 20% 23% 25% middle income group Tax incidence for 0% 2% 5% 8% 10% 13% 15% 18% 20% 23% 25% upper income group Sale tax incidence table (find your rate) Sales Tax rate 0% 2% 4% 6% 8% 10% 12% Tax incidence for lower income group 0% 1% 3% 4% 6% 8% 10% Tax incidence for middle income 0% 1% 2% 2% 3% 4% 5% group Tax incidence for upper income group 0% 0% 1% 1% 2% 2% 3%Z G 5 0 shoreline.instructure.com C Sign in to your account Quiz: Homework: The Tax Game C Taxes Teams In p 69: W 0 words Question 9 3 pts To improve the tax incidence, you may go back to Step 1 and adjust your income, sale, and payroll tax rates so that your are satisfied with the effect on each income group. Once you have made final adjustments, classify your tax system. Is you overall system progressive, regressive, or proportional? Explain briefly. How can you justify this system? Edit View Insert Format Tools Table 12pt Paragraph B I U A & TV : IG 5 0 shoreline.instructure.com Sign in to your account Quiz: Homework: The Tax Game C Taxes Teams I BE48 + 0 words > D Question 11 1 pts What tax or taxes made your system more regressive? Edit View Insert Format Tools Table 12pt v Paragraph ~ | B I U A & TV |