What is meant by a progressive tax?
a regressive tax?
a pro- portional tax?

comment on the progressivity or regressivity of each of the following taxes, indicating in each case where you think the tax incidence lies:

(a) the federal personal in- come tax

(b) a 4 percent state general sales tax

(c) a federal excise tax on automobile tires

(d) a municipal property tax on real estate

(e) the federal corporate income tax

(f) the portion of the payroll tax levied on employers

In a fixed-term, level-payment reverse mortgage, sometimes called a reverse annuity mortgage, or ram, a lender agrees to pay the homeowner a monthly payment, or annuity, and expects to be repaid from the homeowner’s equity when he or she sells the home or obtains other financing to pay off the ram. consider a household that owns a $150,000 home free and clear of mortgage debt. the ram lender agrees to a $100,000 ram for 10 years at 6 percent. assume payments are made annually, at the beginning of each year to the homeowner. calculate the annual payment on the ram.