Below is a table showing the income of individuals A and B together with their food and clothing purchases in an untaxed environment (NOTE: K = 1000).
Individual Income Food Clothing
A $20,000 $5,000 $2,000
B $50,000 $8,000 $8,000

Before even considering any particular numbers, define precisely what is meant when we say that a tax system is regressive. Do the same for what is meant by progressive.

Suppose a general sales tax of 5% is applied to all purchases, and purchasing behavior does not change as a result. In consideration of the sum total of ALL sales taxes paid, illustrate why this tax system is regressive.

SHOW ALL WORK IN A SYSTEMATIC FRAMEWORK TO EARN MAXIMUM POINTS.

Hint: Develop a calculation table for analysis.

There is a proposal on the government table to exempt EITHER food OR clothing from the sales tax base. The purpose of this proposal is to seek progressivity rather than regressivity in the sales tax system. Provide a reasoned recommendation supported by calculations as to which option should be selected.
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SHOW ALL WORK IN A SYSTEMATIC FRAMEWORK TO EARN MAXIMUM POINTS.

Hint: Develop two calculation tables for analysis.
Please explain each of these measures in detail.  These areas are (1) debt limits; (2) aggregate budgeting; (3) targets and enforcement; and (4) spending controls, PAYGO, and adjustable deficit targets.

 (TCO C) Quarterly allotments for the appropriation to the State Library System for the fiscal year beginning July 1, 201X and ending on June 30, 201Y were as follows:

Q1: $3,750,000
Q2: $4,500,000
Q3: $3,750,000
Q4: $3,000,000

On December 31, 201X, budgetary status reports showed expenditures of $7,500,000 and encumbrances of $1,000,000. Using an accrual accounting concept, what was the budgetary status of Library Systems as of that December 31 date? Show and label all work and state your conclusion.
As of the end of the third quarter, the Library System shows expenditures of $11,000,000 and has $3,000,000 in encumbrances. It projects that spending in the fourth quarter will be $500,000 more than what was initially allotted for that budget period. Determine the amount of the supplemental appropriation, if any, which must be requested in order to end the fiscal year with a balanced budget. 
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