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Type Of Taxes
Type of Tax | Probable Incidence |
---|---|
Personal Income Tax | Household or individual |
Payroll Taxes | Workers pay the full tax levied on their earnings & part of the tax levied on their employers |
Corporate Income Tax | Short run,full tax falls on owners of the businesses. Long run, some of the tax may be borne by workers through lower wages |
Sales Tax | Consumers who buy the taxed products |
Specific Excise taxes | Consumers, producers, or both depending on elasticities of demand & supply |
Property Taxes | Owners in the case of land and owner-occupied residences; tenants in the case of rented property; consumers in the case of business property |