Examlex
Ceteris paribus,the effect of a decrease in income on a normal good is to shift the:
Direct Tax
A tax levied directly on an individual's or organization's income or wealth, such as income tax or property tax.
Indirect Tax
A tax collected by an intermediary from the person who bears the ultimate economic burden of the tax; examples include sales taxes and value-added taxes.
Social Security Tax
A tax levied on both employers and employees to fund the Social Security program, which provides benefits for retirees, disabled individuals, and survivors of deceased workers.
Personal Income Tax
A tax levied on individuals' earnings, including wages, salaries, and investment income, often progressive in nature.
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