Answered: Is the fiscal policy in South Africa…

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter16: The Public Sector

Section: Chapter Questions

Problem 4SQ

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Compare one poor person with an income of $10,000 per year with a relatively wealthy person who has an income of $60,000 per year. Imagine that the person drinks 15 bottles of wine per year at a price of $10 per bottle while the wealthy person drinks 50 bottles of wine per year at an average price of $20 per bottle. If a tax of $1 per bottle is imposed on wine, who pays more on taxes? Who pays the greater amount as a percentage of income? If a tax equal to 10% of the wine is imposed, who pays more in taxes? Who pays more as a greater percentage of income?

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Is the fiscal policy in South Africa sufficiently geared towards combating poverty?Discuss critically in an essay by using graphs in the answer as well