By Ziegler A.
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8% and L 12%, H has 9 times as much after-tax income as L; the reduction from 10 to 9 would still leave most individuals with plenty of incentive to try to get the education and training needed to have H’s rather than L’s skill. The higher the tax rate set on H and the lower the tax rate on L, the less would be the incentive. In the extreme, suppose H were taxed 100% of any income above $10,000. Then it wouldn’t pay for a person to Chapter 1 Introduction to Public Finance 15 get the education or training to have high skills instead of low skills.
Here are a few questions for you and your friends and parents. Don’t read the answer until you’ve tried to answer the question; you’ll have more fun, and you’ll remember the answer better when you read it. 1. Select one of the following percentages of gross domestic product (the total output of the economy) to complete the facts below: 10%, 20%, 30%, 40%, 50%, 60%, 70%. a. S. taxes (federal plus state plus local) as a percentage of GDP: ___% b. S. federal taxes as a percentage of GDP: ___% c. S.
Coase also noted that if, instead, the rancher were given a property right permitting her cattle to eat the farmer’s grass, the farmer would offer to pay the rancher to restrain her cattle; so once again, the rancher would have an incentive to restrain her cattle. Thus, whether the property right is assigned to the farmer or the rancher, the rancher would have an incentive to restrain her cattle. Thus, the government need not impose a price; assigning a property right would generate the proper financial incentive to restrain the cattle.
A game theory analysis of options by Ziegler A.