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Chapter 12 (sample exercise)

Chapter 12 (sample exercise) - Chapter 12The Design of the...

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Chapter 12—The Design of the Tax System 1. In 1961 the Canadian government collected what percent of total income in taxes? a. approximately 20 percent. b. approximately 28 percent. c. approximately 40 percent. d. approximately 50 percent. 2. The federal government collects taxes in a number of ways. Rank the following sources of revenue from largest to the smallest. 3. When comparing the tax burden of several major countries, Canada’s tax burden is 4. A budget deficit 5. The tax that generates the most revenue for provincial and local government is the a. corporate income tax. b. individual income tax. c. property tax. d. sales tax. 6. For provincial and local governments, education accounts for what percent of spending? 7. Approximately what percent of the Federal government's receipts come from individual income taxes? 8. Which of the following is true about the percent of total income the Canadian government takes as taxes?
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Table 12-1 On Taxable Income The Tax Rate is Up To $27,050 15.0% From $27,050 to $65,550 27.5 From $65,550 to $136,750 30.5 From $136,750 to $297,350 35.5
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