Economics Homework Help?

I need help answering this questions.
1. Describe an incentive for you to invest for the future savings for (ex:savings for retirement etc) and how would you personally achieve that goal?
9. Explain how a sales tax affects a low income person employed at your business
10. Explain the affect of a sales tax on you if you were a wealthy owner

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One Response to “Economics Homework Help?”

  1. GunnyCee says:

    Without knowing the assumptions of the people involved, it is difficult to answer these questions, however, since I’ve been to college and know how dumb questions are part of life, I would answer them as follows:
    1. Save 10 percent of your earnings so that you have an equal amount of six months of your wages in case you get laid off from your job. However, in today’s dismal job market, you may need to save a total of two years wage. Never use insurance policies or bank saving acounts as a means to save money. The interest rates do not keep up with the Future Value of Money today. IRA’s and CD’s are a better investment for the time being.
    2. Taxes in all forms affect everyone, not just low income people. This is another subtle way that liberal academia are trying to brainwash you. What specific taxes are they talking about? Food stamp users don’t worry about sales tax. Poor people don’t have much money to buy things, so sales taxes weigh heavily on their lives. However, a national sales tax that replaces income taxes would refund all sales taxes back to the poor. What’s bad about that? (I know your professor would go nuts if you wrote that!) Remind him or her that senior citizens already get discounts at most retail stores that negate sales taxes. If the prof gets fiesty, remember, don’t get into a pissing contest with a skunk.
    3. You are supposed to answer that sales taxes on the rich do not affect them, but the rich buy much more expensive things than the poor and they pay much more taxes than the poor. If there were a national sales tax instead of income taxes, the rich would not receive a refund.
    A national sales tax is also known as a flat tax and liberals are totally against anything that they believe would reduce the federal revenues.

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