Taxation Overview
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Questions and Answers

What is the power of eminent domain?

  • The ability to regulate local tax rates
  • The power to impose taxes on specific goods and services
  • The ability to levy taxes on individuals
  • The power to acquire private property for public use with just compensation (correct)

    • Which concept states that a tax system should be based on taxpayers' ability to pay?

  • National Tax
  • Property Tax
  • Indirect Tax
  • Fiscal Adequacy (correct)

    • What is a property tax based on?

  • A fixed proportion of the value of the property (correct)
  • A tax levied without a specific purpose
  • A specific tax on goods and services
  • A fixed amount imposed on individuals

    • What characterizes an indirect tax?

    <p>Demanded with the intention that another will bear the burden</p> Signup and view all the answers

    What does a specific tax entail?

    <p>A fixed amount by head or number or by some standard of weight or measurement</p> Signup and view all the answers

    Which type of tax is levied for specific social or economic goals?

    <p>Regulatory tax</p> Signup and view all the answers

    What is the primary purpose of taxation according to the text?

    <p>To promote general welfare and protection</p> Signup and view all the answers

    Which theory states that taxes are the lifeblood of the government?

    <p>Lifeblood Theory</p> Signup and view all the answers

    What does the Police Power refer to in the context of taxation?

    <p>Power to regulate liberty and property use</p> Signup and view all the answers

    Why do citizens pay taxes?

    <p>To promote general welfare and protection</p> Signup and view all the answers

    What is the Power of Taxation according to the text?

    <p>Power to defray necessary expenses of the government</p> Signup and view all the answers

    Which theory or principle states that tax laws are created to support the necessity of any state?

    <p>Necessity Theory</p> Signup and view all the answers

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