Globalization and Society
Instructions
Examine Taxes/The high increase in taxes through the lens of social sciences. (My previous topic was Taxes/The High increase in taxes) 1. Describe or summarize your previous topic (My previous topic was Taxes/The High increase in taxes)2. How has your understanding been affected by the social sciences lens?3. How does the social sciences lens support the lens you previously used? ( I previously used the History Lens)
Answer
Globalization and SocietyMy previous topic was taxes and increases on tax rates. The persistent slump and employment shortages induced by high taxes result in a reduction in government income as economic output falls. If the government also increases tax rates to pay back the missed income, production and revenue fall even more. As a result, elevated tax rates result in reduced actual tax revenue generation. Specifically, their effect on production. Tax cuts increase demand by raising discretionary income and allowing companies to recruit and spend more. Tax changes had the same effect. These demand impactscan be significant when the market is sluggish, but they are far lower when it is close to ability.Individuals' interests, beliefs, and behaviors are heavily influenced by peer groups. T...
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