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STAYER ECO 450 Week 9 Quiz 7 Ch 13 and 14.pdf

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STAYER ECO 450 Week 9 Quiz 7 Ch 13 and 14

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1. The actual federal income tax currently taxes all income irrespective of its source
or use at the same tax rate.
2. Comprehensive income excludes unrealized capital gains.
3. Under a comprehensive income tax, transfer payments received by Social
Security recipients would be fully taxable.
4. Homeowners earn rental income-in-kind from their home that would be taxable
under a comprehensive income tax.
5. A comprehensive income tax is a lump-sum tax.
6. A comprehensive income tax will result in a divergence between gross wages paid
by employers and net wages received by workers.
7. A comprehensive income tax will always reduce work effort by taxpayers.