A greater burden of the taxes on essential goods is borne by the

Assessment: JAMB UTME - Economics - 2022 Subject: Economics

Question 1 Report

A greater burden of the taxes on essential goods is borne by the
Answer Details
A greater burden of the taxes on essential goods is typically borne by the lower income group. This is because essential goods such as food, clothing, and shelter make up a larger proportion of the budget of low-income households than they do for high-income households. When taxes are applied to these goods, the cost of living increases proportionally for low-income households, putting a greater burden on their limited resources. In contrast, high-income households can more easily absorb the higher costs without significantly affecting their standard of living.
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