Week 0 Flashcards
1
Q
what is tax
A
- redistribution of wealth from rich to poor
- revenue for the government
2
Q
what are the types of income tax
A
- income
- GST/HST
- property
- tariffs
2
Q
who does taxes affect
A
- individuals
- corporations
- trusts
3
Q
why does income tax make up more tax revenue compared to corporate tax
A
- because there are more individuals vs corporations
- more people = more income tax
3
Q
are the different taxes in canada
A
- personal income
- corporate income
- value added (GST/HST)
4
Q
what kind of tax system is used on personal income tax
A
- progressive tax system
- % of taxes paid increases as income increases
4
Q
what kind of tax system is used on corporate income tax
A
- proportional tax system
- where marginal = effective tax rate
- % of tax is the same regardless of how much income you made
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