STAYER ECO 450 Week 9 Quiz 7 Ch 13 and 14
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1 . The actual federal income tax currently taxes all income irrespective of its source or use at the same tax rate .
2 . Comprehensive income excludes unrealized capital gains .
3 . Under a comprehensive income tax , transfer payments received by Social Security recipients would be fully taxable .
4 . Homeowners earn rental income-in-kind from their home that would be taxable under a comprehensive income tax .
5 . A comprehensive income tax is a lump-sum tax .
6 . A comprehensive income tax will result in a divergence between gross wages paid by employers and net wages received by workers .
7 . A comprehensive income tax will always reduce work effort by taxpayers .