3.If South Dakota\'s governor reports a budget surplus in 2011, that state gover

Question

3.If South Dakota's governor reports a budget surplus in 2011, that state government likely:

received more in taxes than it spent in that year.

increased the proportional tax level.

equalized spending and taxes in that year.

increased the corporate income tax rate.

4.If government tax policy requires Peter to pay $15,000 in tax on annual income of $200,000 and Paul to pay $10,000 in tax on annual income of $100,000, then the tax policy is:

optional.

progressive.

proportional.

regressive.

received more in taxes than it spent in that year.

increased the proportional tax level.

equalized spending and taxes in that year.

increased the corporate income tax rate.

Explanation / Answer

Ans.(3) : received more in tax than it spent in that year.

Budget Suplus is a situation in which income exceeds expenditures.   

Ans.(4) : Progressive tax policy i.e.progressive tax is a tax in which tax rate increases as the taxable amount increases.

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