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Economic methodology Categorise
Target Level
C
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Normative statements
Positive statements
VAT
is an example of an indirect tax.
Unemployment
can be caused by changes in seasons.
The
UK government is no longer a member of the European Union.
Corporate
taxes are too high.
Direct
taxes such as Pay As You Earn (PAYE) are taxes on one’s income.
In
2021, UK government reduced VAT from 20 per cent to 5 per cent.
The
best level of tax is zero per cent because it will stimulate consumption
expenditure.
Government
should prioritise reducing unemployment than price level.
Rich
people deserve to be taxed heavily.
People
in the UK should save more money for retirement.