One Argument Advanced in Favor of Not Increasing the Income

question 118

Multiple Choice

One argument advanced in favor of not increasing the income tax on individuals with high income is that

• A)increasing income tax increases wealth which contributes to increases in GDP.
• B)increasing the income tax on these individuals will reduce economic efficiency.
• C)increasing the income tax affects mostly middle-income and low-income individuals who are already paying heavy income taxes.
• D)not increasing income taxes will discourage corporations from increasing investment.

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Definitions:

Industrial Revolution

A period of major industrialization that took place during the 18th and 19th centuries, transforming economies from agrarian to industrial and manufacturing.

Mass Production

describes the manufacturing of large quantities of standardized products, often utilizing assembly lines and mechanization for efficiency.

McLuhan

Marshall McLuhan was a Canadian philosopher and professor known for his work on media theory and his prediction of the World Wide Web nearly thirty years before it was invented.

Medium Matters

The concept that the medium through which information is conveyed affects the interpretation and understanding of that information.