| Question | Which of the following are based on an ability to pay? Explain. a. Local County assesses property taxes at the rate of 1% of assessed value. b. The university library lets all students, faculty, and staff members check out books free. Students who do not retu/n books by the due date are fined $1 for each day the book is late. Staff” members arc fined 50 cents for each day a book is late. Faculty members are not fined when they return books late. c. The country of Lacyland assesses an income tax based on the following schedule: Taxable Income Income Tax S -0- to $20,000…………. 20% of taxable income $20,001 to $60,000………. $ 4,000 + 15% of taxable income in excess of $20,000 S60,001 and above……….. $10,000 + 10% of taxable income in excess of $60,000 d. State Z imposes a 10-cent-per-gallon tax on gasoline but gives low-income taxpayers a tax credit for gasoline taxes paid. |
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| Subject | law-business-law |
