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Which statement is correct? a. Asset Taxes act like a tax on wealth instead of income...

Which statement is correct? a. Asset Taxes act like a tax on wealth instead of income b. Consumption taxes are popular because of their progressivity c. Value-added taxes attempt to discourage imports and encourage exports d. All of the above

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Answer #1

Which statement is correct?

d. All of the above

Reason Being:

  • Asset taxes are the taxes levied on the assets held by an individual. Whereas, A wealth tax is a levy on the total value of personal assets, including: bank deposits, real estate, assets in insurance and pension plans, ownership of unincorporated businesses, financial securities, and personal trusts. Hence, Asset Taxes act like a tax on wealth instead of income
  • Consumption taxes are popular because of their progressivity
  • VAT regimes, as implemented around the world, are commonly thought to promote exports and discourage imports
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