Problem
Explain the significance of sin tax, incidence of a tax, tax loophole, individual income tax, sales tax, tax return, benefit principle of taxation, ability-to-pay principle of taxation, proportional tax, average tax rate, Medicare, progressive tax, marginal tax rate, and regressive tax.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.