What is meant by the term "tax incidence"? What is the tax incidence of the personal income tax? What is the tax incidence of the corporate income tax?
What will be an ideal response?
Tax incidence refers to the distribution of tax burdens among various groups in society. The tax incidence of the personal income tax is on those who pay the taxes. On the other hand, economists are uncertain as to the tax incidence of the corporate income tax. It may be borne by stockholders, consumers, workers, or bondholders.
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The market demand that is NOT met by other sellers in a market is known as a firm's
A) excess demand curve. B) market demand curve. C) residual demand curve. D) leftover demand curve.
Other things being equal, the longer a price change persists
A) the less is the elasticity of demand. B) the less chance a consumer will be able to adjust. C) the more the consumer will be willing to pay. D) the greater is the elasticity of demand.