The Figure Below Show a Simplified Version of the Current

question 34

Multiple Choice

The figure below show a simplified version of the current (2012) Canadian federal income- tax system.The marginal income- tax rates for the four ranges of income are 15.5%,22%,26%,and 29%,respectively.
FIGURE 18- 2
-Refer to Figure 18- 2.What must be true of the four marginal income- tax rates in order for the tax to be considered a "flat" tax?

• A)they need to be the same
• B)they need to be smaller
• C)they need to gradually level out
• D)they need to be zero
• E)they need to be constant

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Definitions:

Rescission

The legal action of cancelling, terminating, or annulling a contract, restoring the parties to their original positions prior to the agreement.

Surety

A person or entity that takes responsibility for another's performance of an undertaking, such as fulfilling the terms of a contract.

Fraud

A deliberate deception practiced to secure unfair or unlawful gain.

Article 9

A provision under the Uniform Commercial Code (UCC) dealing with secured transactions in personal property, where a creditor has a security interest in the debtor's property.