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