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The various economic concepts linked with the public policies and income taxes - Essay Example

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This essay includes discussion over the various economic concepts linked with the public policies and income taxes. An investigation into the role of property taxes in capital formation, national savings and foreign investments in South Africa has been discussed…
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The various economic concepts linked with the public policies and income taxes
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Download file to see previous pages This paper discusses that in U.S., the usage of local property taxes in financing school education has been criticized as unconstitutional, which generates inequalities in public education expenditures across states. The reason for this is as those districts that have larger property tax bases per pupil, can generate any amount of revenue from lower tax rates as compared to those districts having smaller tax bases. Therefore, it is easier for rich jurisdictions to raise revenue for public education than the poor jurisdictions. The State of Virginia finances the public schools through a combination of federal, state and local funds. Also, there is contribution of private sector through partnerships with schools and their divisions. State’s General Assembly is responsible for apportionment of state’s funds for public education, through Appropriations Act. The sources of funds are retail sales, state lottery proceeds, tax revenues and other sources. The Constitution of Virginia requires the Board of Education (BOE) to prepare SOQ (Standards of Quality) for public schools. SOQ is the minimum school educational program, the divisions must provide. The General Assembly revises SOQ, determines SOQ costs and apportions these costs between localities and state. Funding on a per pupil basis is provided through the accounts of basic aid, career and technical education, special education, English as a second language, remedial summer school, fringe benefits for funded positions and sales tax of 1.125% for public education...
Funding on a per pupil basis is provided through the accounts of basic aid, career and technical education, special education, English as a second language, remedial summer school, fringe benefits for funded positions and sales tax of 1.125% for public education (Virginia DOE, 2011). Answer 2: Population & Per Capita Taxes The annual average cost per police officer is $30,000 for a small town. The population of the town is 1,000. The per capita cost of employing a police officer is $30. $30,000 ? 1,000 = $30 Table 1 shows the declining per capita cost of one police officer and increasing per capita taxes. The reason of such phenomenon can be understood as the population increases (column 1) and the costs per police officer remains stable the per capita costs will decline as the same costs can be assigned to increased number of people (column 3). Also, with the increase in population, the total tax collection will increase, although the per capita taxes will remain the same (column 7) if the tax rate is constant (column 6). The assumed tax rate is 30%. The costs of police officers are assumed to be financed by the revenues from taxes. Therefore, the remaining per capita taxes have increased with declining costs of per capita costs of police officer (column 8). Figure 1 shows the graphical presentation of these results. Table 1: Per Capita Taxes & Costs of Police Officer Figure 1 Answer 3: Valuation of Land Table 2: Market Price Calculation Rent Annuity $10,000.00 Market Rate of Interest 10% Market Price of Land $100,000.00     Property Tax 5% Annual Tax Value $5,000.00 After-Tax Market Value of Land $50,000.00 The market price of the land is calculated as ratio of the annual rent in perpetuity and the market interest rate. The market price ...Download file to see next pagesRead More
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