Problem
1. What are the major sources of federal tax revenues? State revenues? Local revenues?
2. Who bears the burden of a payroll tax? Use supply-and demand analysis to help explain your answer.
3. What's Wrong with This Way of Thinking? "The taxes on people-particularly middle-income taxpayers-are too high. Businesses should pay higher taxes so that individuals will not have to shoulder such a heavy load. In addition, if the rich- taxpayers whose incomes are in excess of $50,000-paid higher taxes, we could cut the taxes of the average American by between 25 and 30 percent."
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.