May 29th, 2015
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Ch1 6. What is the definition of tax base, and how does it affect the amount of tax levied?The tax base is the dollar amount upon which the tax rate is applied in order to determine the actual tax. Income, dollar sales, and property value are the more common tax bases in the United States.9. Explain what is meant by regressive tax. Why the social security tax is considered a regressive tax?Regressive tax: with a regressive tax, the rate decrease as the tax base increases. The rate for social security taxes is 6.2% on the first $ 106,800 of wages in tax year 2010. Once wages exceed the

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