ECON 4110 Lecture : 4110FinalStudyNotes 2
Document Summary
Preferences are represented by the median voter. Incentive to vote: free rider issue cost of getting info, voter trading ( logrolling , restore act bp oil spill, clean water act, etc, agreement to end govt shutdown, example, affordable care act. Implication: size & nature of government is determined by median voter. Social issues are less likely to be part of median voter model: usually bimodal, ex: abortion or same sex marriage. Need personnel: police, firemen, teachers, armed forces, etc. National environmental policy act: failed to clarify private activities financed or regulated were being considered, did not specify evaluation standards. Federal income tax: calculating, not included. Itemized deductions: agi, calculating tax liability, summary computation, tax indexing, credit v deductions, amt (alternative minimum tax, marriage, simplicity, new tax bracket, policy & behavior, tax credits, tax bases & tax structures. [not sure what from federal income^ should be in payroll] Alternative taxes: consumption, sales tax, flat tax, simplification, folly, complications.
