Economics Worksheet!tt

User Generated

angnyvr155

Economics

Description

All info below, i will provide the stories once we start. You must use the sources i provide you with.

Unformatted Attachment Preview

Economics [Student Name] [Teacher Name] [Date] Unit 6 Portfolio (lesson 8) Government and the Economy Remember!  Fill in your Name, Teacher Name, and Date above.  Save this file to your computer Directions: Use your Connexus Unit 6 lessons 1-7 and your textbook to help answer the following questions in the space provided. Part 1: Wall Street Journal Classroom Edition: Chapter 14, “Taxes and Government Spending” 1. When and why was the first U.S. income tax introduced? Type your answer here 2. What was the main drawback of a national sales tax? Type your answer here 3. Do you agree with Benton McMillin of Tennessee that an income tax is a way to give something back to the free institutions that have enabled people to accumulate wealth? Why? Type your answer here Part 2: Complete questions 1–4 of Internet Taxation assessment on pp. 412-413 in Economics: Principles in Action. 1. Why does Maureen Riehl state that Internet retailers have an “unfair price advantage” when they don’t collect sales tax from out-of-state customers? Type your answer here 2. Why does Grover Norquist disagree with Riehl’s statement? Type your answer here 3. Agree or disagree: Taxing the Internet would discourage new technology investment and employment growth. Type your answer here 4. Why do you think the value of computer hardware purchased online was so much greater than the value of books or clothing purchased online? Type your answer here Part 3: Complete the Chapter 14 Economic Detective activity. Investigation 1 1. How will this situation affect the tax situation of Centerville? Type your answer here Economics 2. What effects is the situation likely to have on the operating budget of Centerville? Type your answer here Investigation 2 1. What are some options the town council might explore for increasing revenue? Type your answer here 2. Which options mighty they reject for fear of driving more people out of town or forcing more businesses to close? Type your answer here Investigation 3 1. (a) If revenue is already a problem, how can the town spend money to buy a warehouse? (b) How would the proposed indoor mall help attract small businesses? Type your answer here 2. How would new businesses help Centerville’s revenue problem? Type your answer here 3. What are some tax incentives the mayor and town council could use to attract new businesses to Centerville? Type your answer here Part 4: Complete the summary questions: 1. What are some of the challenges the federal and state governments face in trying to implement a fair tax system? Give at least three concrete facts to support your answer. Type your answer here 2. Which of the tax structures do you think is most fair? Why? (See p. 360–362 of Economics: Principles in Actions for review). Give at least two details to support your answer. Type your answer here
Purchase answer to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Student’s Name Instructor’s Name Course Date Part 1: Wall Street Journal Classroom Edition: Chapter 14, “Taxes and Government Spending” When and why was the first U.S. income tax introduced?What was the main drawback of a national sales tax?Do you agree with Benton McMillin of Tennessee that an income tax is a way to give something back to the free institutions that have enabled people to accumulate wealth? Why? The first income tax was introduced in March 1861 by Abraham Lincoln. Lincoln wanted to maintain federal control over collecting revenue along the South Eastern seaboard ports to avoid falling under the Confederacy Authority (Crossen 36-37). The national tax is usually raised higher due to the existing debts. In addition to causing many families to suffer from national taxes, it also leads to unemployment of large numbers of HR personnel, accountants and lawyers due to the tax system that was implemented (Crossen 36-37). Yes, I do agree with Benton McMillin that income tax is a way to give to free institutions but just like credit cards, you must pay everything back. In every society, there will always be individuals who cannot acquire the best resources or education and that are why these free institutions assist these people. Nonetheless, when they are free, they don’t have a way of bringing in money to carry out these activities....


Anonymous
Excellent! Definitely coming back for more study materials.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Similar Content

Related Tags