This is for my Public Economics course. Accurate answer and explanation please. Thank you so much. – 1. Compare a tax deduction to a tax credit. 1

This is for my Public Economics course. Accurate answer and explanation please. Thank you so much.

1.    Compare a tax deduction to a tax credit.  Which is more vertically equitable? Why? Or show why a tax deduction reduces taxes more for persons in higher income brackets.

2.    Illustrate the deadweight loss for a unit sales tax when the supply curve is perfectly elastic and the demand curve is downward sloping. 

3.    For the U.S. income tax, what is the net cost to the taxpayer of giving an extra $100 to charity for a person who itemizes deductions on her income tax return and has taxable income that puts her in the 25% marginal tax bracket? 

4.    Answer the same question as above for a person in the 35% marginal tax bracket.

5.    Evaluate the following statement: The more inelastic the supply of labor, the more likely it is that incidence of employers’ share of the payroll tax falls on workers.

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