University of Illinois Economics Essay

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Economics

university of illinois

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• • • You will be graded on your ability to write effectively as well as your ability to answer the question. Do not resort to cutting and pasting others' ideas. Rather write a thoughtful essay of your own creation. Do not use the thoughts and words and images of others without a full citation using a standard bibliographic reference. Any academic dishonesty is grounds for an F in the course and full prosecution including your removal from the university. You must include a reference list with full bibliographic citation and when possible a link to the original source. Instructions: 1. 2. 3. 4. 5. 6. You are asked to write an analytical essay that responds to the proposition below. You must take a position to agree or disagree with the proposition. You must defend your position using appropriate tools from this class, including but not limited to the concepts and tools of (1) supply and demand, (2) tax incidence and (3) the price elasticity of demand. What you will need to do to complete this assignment is to draw on your own paper the appropriate supply and demand diagram(s) (for your own use, not to turn in) and write up the results in MS Word in easy to understand language. In fact, you should adopt the style of a major newspaper journalist (not editorialist) so your ideas are clear and persuasive to your readers. Your essay should be written in an easy to understand language. Words like “I think” and “I believe” and purely normative arguments are unacceptable. Be analytical by citing facts and analytical references. Do not include normative opinions and references to the normative opinion of others. You must directly cite all references you use and if you use the words of others they must be in quotes and referenced to the page of the reference. Failure to do this will result in a presumption of academic dishonesty. Do not use the work of any other student past or present. While I have no pre-set length for you write up, it would be hard for me to believe that you could do a thoughtful write-up that is less than two pages. Proposition: "Taxes levied on goods and services always cause harm and distort the efficient operation of the economy and therefore should not be levied." Learning Objectives: 1. Begin thinking about this problem by visualizing a market diagram with an upward sloping supply and downward sloping demand curves. Now visualize a tax levied on the suppliers of a product. 2. Taxes are levied on either the buyers of a product or the sellers of a product. Economists argue that it doesn't matter whether you tax the buyer or the seller since the end result is the same. This suggests that legislative tax policy may not achieve its desired intent due to the working of the market and what is known as tax shifting. Grading Rubric Level of Achievement General Presentation Reasoning, Argumentation Exemplary (10 pts) Provides a clear and thorough introduction and background Addresses the question Presents arguments in a logical order using appropriate tools from class Uses acceptable style and grammar (no errors) Demonstrates an accurate and complete understanding of the question Uses several arguments and backs arguments with examples, data that support the conclusion Quality (8 pts) Combination of above traits, but less consistently represented (1-2 errors) Same as above but less thorough, still accurate Uses only one argument and example that supports conclusion Adequate (6 pts) Does not address the question explicitly, though does Demonstrates minimal understanding of question, still accurate so tangentially Uses a small subset of possible ideas for support of the argument States a somewhat relevant argument Presents some arguments in a logical order Uses adequate style and grammar (more than 2 errors) Needs improvement (4 pts) No Answer (0 pts) Does not address the question States no relevant arguments Is not clearly or logically organized Fails to use acceptable style and grammar Does not demonstrate understanding of the question, inaccurate Does not provide evidence to support response to the question
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4 pages
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Attached.

Taxation and the Economy – Outline
I. Introduction
II. Taxes on supply and demand
III. Taxes and elasticity of demand
IV. Tax increase impacts on incidence of tax
V. Conclusion


Running head: TAXATION AND THE ECONOMY

Taxation and the Economy
Name
Institution

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TAXATION AND THE ECONOMY

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Taxation and the Economy
Notably, there is a close correlation between tax law and tax brackets on goods and
services and the performance of the microeconomic aspects in a given economy. Tax law is
established by either the federal or state governments for several reasons. The main reason,
however, is the collection of revenue, which is essential in the delivery of public amenities and
services. In addition to revenue collection, the government introduces several forms of taxation
to control the supply and demand for certain goods and services. Imported goods face more tax
burdens due to the high instances of exercise duties and quotas, which have a mass...


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