the economics of taxation pdf

The effect of taxes on economic behavior is important for three distinct reasons. x���[k�@�����zg�W��� 8�E����ʮK-��S����uT�A�X������y��@^\�� ��i"A 4 0 obj For example, a declining informal sector widens the tax net, the growth of larger In general equilibrium, factors must be paid the same net-of-tax rate in both sectors, since they are perfectly mobile. IN�K/� 31�ڊ��mq Ҋ�$- Income Taxes and Extreme Cases . 4. (2000), Economics of the Public Sector, W.W. Norton and Company –chapter 17 Auerbach, A.J., M. Feldstein, Handbook of Public Economics – volume 1, chapter 2 35 2 0 obj Tax Policy and the Economy publishes current academic research on taxation and government spending with both immediate bearing on policy debates and longer-term interest. Today [s government has to be paid for via: Present Taxes Future Taxes (borrowing) Printing money (important in Zimbabwe, not important in U.S.) So when comparing tax regimes, well stick to options that bring in the same amount of money. 0000001011 00000 n 0000052357 00000 n x���]O�H��-�?�˙JΙO�B^A���~��z���K�� �����S����c��y�y��ذ����>L��9M��(A@���5�Y��%__�b�\�#@���o��Szgl���*���5_uH�nCi�V�q���� �@�3٨�m�b�rk!�w��r�k���(�;!�V��0�G � 8���S�5L�Ga��g��Wc���zOߌ���t+ EY�q*n�J�ĝ�����iOB�bpp�Se��Y���,x�L��M�����-�+ѤFi�.�w�z�dƼM��g3A�S\��Ag[P �ڐl�b���#� R8��zɟ ��;�>�-6��&����$'�-瞛 �Y���>t͈i�8�N�p�)?f9E5Ա;m����I�x�����-)�^�Zo���u?��#���e2? Learn more about taxation in this article. In the larger sense, it pertains to the whole fiscal policy of governments. %���� 3 0 obj This implies that, if capital taxation increases in sector 1 , 3. 1 0 obj 0000039269 00000 n A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures. Extreme cases are situations such as "What if we had a 100% income tax rate? Income is broadly included in the tax base, whereas deductions must be specifically provided for in the law. For an overview of the broader issues of these relationships see CRS Report R42111, Tax Rates and Economic Growth, by Jane G. Gravelle and Donald J. Marples. It falls into three parts. H��W[o�~ׯ��NP�gfgfw���#��%)j�yH�@S��T"]���?����;gfy�lEjĝ۹~������d�Gn4�:qmF�ᒯ��i���N�ŕ��g��4����g��g_�r�7등�� q4������ɏ���l�~u�6��ں��[n.�8֩��&־Z��W/���j�\,o���+~�jb���f�p�v��/�_��Q��5�*����M����E�|��|?V�L��u��֮�1M57=���pt5]��ܹ�F�B�8�:��əϴ�7�C�H��f �]�ڌ}�.uoE���Ÿ��V�+���J(��G�D�am��M�,Oa��(3�9�81k޳0x&�e�䔺|����b���3��z�;��Q� ��Z��*�m���x�"��"�Qo�b��H�l�m׌�S��e蛾��7��&ZKI�M���&z�mHb̻µ �FH� �O��k����ux�9}�S�w��?���׆|�@w�_�� W�����Op��~���zJ�)V}q�, ��37��R�س۩A&�-}j �AF%n����'�b��-���t%v��}��x+P�KF�f[�f*8���%ᰝ��1��F:)�l�}���ذ��� 3. 0000005048 00000 n Progressive taxation means that MRT > ART (with MRT and ART > 0). �ӭ�^�3�>f�fYvM/;=���t%DOT�DT��%�U� ��}���� fsp��!�^� <> This text combines a balanced explanation and analysis of the economic principles of taxation with a broad-based description and evaluation of the policy and practical aspects of the tax system operating in the UK, and also highlights some international comparisons. H��Vm��f�v�/]��Mb;���$u��5w���ľ������b;��\o����k��$}��ʮ�&��@�zW��i4��t��6�� 0000009778 00000 n That will be the focus of this paper. Second-Best Tax Theory. Economics and Taxation WORKING PAPER N.41 - 2014 Till Olaf Weber (University of Nottingham) Jonas Fooken Benedikt Herrmann (Joint Research Centre) Taxation Papers are written by the staff of the European Commission's Directorate-General for Taxation and Customs Union, or by experts working in association with them. Only people who purchase gasoline -- who use the highways -- pay the tax. The setting is the world of the two fundamental theorems of welfare economics, modified to include an income tax to accomplish redistribution in light of the infeasibility of … <> endobj �����Ё�Y�fK�KN��MM[v>�ƪ���Q�T$�f��H�#���鉇��l{���sj�ff�3���-�d[=O����4:�؍��$Փ;'�y��b6�SX>�Y������L��R?�H�jFa��37��R�س۩A&�-}j �AF%n����'�b��-���t%v��}��x+P�KF�f[�f*8���%ᰝ��1��F:)�l�}���ذ��� Financial support was received from the Economic and Social Research Council through the DERC and the programme "Taxation, Incentives and the Distribution of Income" at the London School of Economics. In The Wealth of Nations (Book V, chapter 2) he set down four general canons: Although they need to be reinterpreted from time to time, these principles retain remarkable relevance. �X�tgF����Jv���C�`8p�o��J��X�*�L��õ��F4QO���|���%��c� w0�C3�xA�b�Y�� The standard economic approach to taxation and development focuses on how economic change in fluences the evolution of the tax system. �Dom�x�����.�� �7u]W�[��+�����sò�|`�����}�����|�R���.����~���\z��@�c���ݱ*�O� �^< endstream endobj 286 0 obj 1726 endobj 256 0 obj << /Type /Page /Parent 239 0 R /Resources 257 0 R /Contents 269 0 R /Thumb 186 0 R /MediaBox [ 0 0 612 792 ] /CropBox [ 0 0 612 792 ] /Rotate 0 >> endobj 257 0 obj << /ProcSet [ /PDF /Text ] /Font << /TT2 268 0 R /TT4 261 0 R /TT6 266 0 R /TT8 263 0 R /TT9 272 0 R /TT10 264 0 R /TT11 271 0 R >> /ExtGState << /GS1 280 0 R >> /ColorSpace << /Cs6 265 0 R >> >> endobj 258 0 obj << /Type /FontDescriptor /Ascent 700 /CapHeight 0 /Descent -209 /Flags 32 /FontBBox [ -55 -250 1138 750 ] /FontName /FNKPAA+cmbx12 /ItalicAngle 0 /StemV 0 /FontFile2 276 0 R >> endobj 259 0 obj << /Type /FontDescriptor /Ascent 706 /CapHeight 0 /Descent -217 /Flags 32 /FontBBox [ -40 -250 1008 750 ] /FontName /FNKPCD+cmr10 /ItalicAngle 0 /StemV 0 /FontFile2 281 0 R >> endobj 260 0 obj << /Type /FontDescriptor /Ascent 700 /CapHeight 0 /Descent -211 /Flags 32 /FontBBox [ -57 -250 1163 750 ] /FontName /FNKPBB+cmbx10 /ItalicAngle 0 /StemV 0 /FontFile2 282 0 R >> endobj 261 0 obj << /Type /Font /Subtype /TrueType /FirstChar 44 /LastChar 116 /Widths [ 272 0 0 0 489 489 489 0 489 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 639 0 733 0 0 0 0 0 0 761 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 489 543 435 0 435 0 489 0 272 0 0 0 816 543 489 0 0 380 0 380 ] /Encoding /WinAnsiEncoding /BaseFont /FNKOOO+cmr12 /FontDescriptor 262 0 R >> endobj 262 0 obj << /Type /FontDescriptor /Ascent 705 /CapHeight 0 /Descent -215 /Flags 32 /FontBBox [ -35 -250 988 750 ] /FontName /FNKOOO+cmr12 /ItalicAngle 0 /StemV 0 /FontFile2 275 0 R >> endobj 263 0 obj << /Type /Font /Subtype /TrueType /FirstChar 40 /LastChar 151 /Widths [ 447 447 0 0 0 383 319 0 0 575 575 575 575 0 575 0 0 575 319 0 0 0 0 0 0 869 0 831 882 756 0 904 0 436 0 0 692 1092 0 864 786 0 862 639 800 0 869 1189 0 0 0 0 0 0 0 0 0 559 639 511 639 527 351 575 639 319 0 0 319 958 639 575 639 607 474 454 447 639 607 0 607 607 511 0 0 0 0 0 0 0 0 0 0 0 0 0 575 0 0 0 0 0 0 0 0 0 0 0 0 0 0 575 ] /Encoding /WinAnsiEncoding /BaseFont /FNKPBB+cmbx10 /FontDescriptor 260 0 R >> endobj 264 0 obj << /Type /Font /Subtype /TrueType /FirstChar 36 /LastChar 175 /Widths [ 500 833 0 0 389 389 0 778 278 333 278 0 500 500 500 500 500 500 500 500 500 500 278 278 0 778 0 472 0 750 708 722 764 681 653 785 750 361 514 0 625 917 750 778 681 0 736 556 722 750 750 1028 0 0 0 278 0 278 0 0 0 500 556 444 556 444 306 500 556 278 306 528 278 833 556 500 556 528 392 394 389 556 528 722 528 528 444 0 0 0 0 0 0 0 0 0 0 0 0 0 500 0 0 0 0 0 0 0 0 0 278 500 500 0 0 0 500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 500 ] /Encoding /WinAnsiEncoding /BaseFont /FNKPCD+cmr10 /FontDescriptor 259 0 R >> endobj 265 0 obj [ /ICCBased 279 0 R ] endobj 266 0 obj << /Type /Font /Subtype /TrueType /FirstChar 40 /LastChar 121 /Widths [ 437 437 0 0 0 0 312 0 0 562 562 562 562 0 0 0 0 0 312 0 0 0 0 0 0 849 799 812 861 738 0 884 879 419 0 0 675 1067 879 845 768 0 839 624 782 0 849 1161 0 0 0 0 0 0 0 0 0 547 624 499 624 513 343 562 624 313 0 593 313 937 624 562 624 593 459 443 437 624 593 812 593 593 ] /Encoding /WinAnsiEncoding /BaseFont /FNKPAA+cmbx12 /FontDescriptor 258 0 R >> endobj 267 0 obj << /Type /FontDescriptor /Ascent 707 /CapHeight 0 /Descent -211 /Flags 32 /FontBBox [ -34 -249 944 749 ] /FontName /FNKOLN+cmr17 /ItalicAngle 0 /StemV 0 /FontFile2 274 0 R >> endobj 268 0 obj << /Type /Font /Subtype /TrueType /FirstChar 69 /LastChar 120 /Widths [ 628 0 0 0 0 0 0 575 0 693 0 0 0 0 0 667 0 0 0 0 0 0 0 0 0 0 0 0 458 0 406 0 406 275 0 0 250 0 0 0 771 511 458 0 0 354 359 354 511 0 0 484 ] /Encoding /WinAnsiEncoding /BaseFont /FNKOLN+cmr17 /FontDescriptor 267 0 R >> endobj 269 0 obj << /Length 2156 /Filter /FlateDecode >> stream A good example of this use of excise taxes is the gasoline excise tax. PART ONE: PRINCIPLES OF TAXATION. trailer << /Size 287 /Info 253 0 R /Root 255 0 R /Prev 300923 /ID[] >> startxref 0 %%EOF 255 0 obj << /Type /Catalog /Pages 240 0 R /JT 252 0 R /PageLabels 238 0 R >> endobj 285 0 obj << /S 2012 /T 2309 /L 2375 /Filter /FlateDecode /Length 286 0 R >> stream DOI: 10.1515/9781400839223 Corpus ID: 153958089. The economics of federal tax policy Emily Moss, Ryan Nunn, and Jay Shambaugh Tuesday, January ... Full paper Editor's Note: The report below is a chapter from the book, "Tackling the tax … endobj 0000006363 00000 n Taxes include income, capital gains, or estate. 0000009308 00000 n ̶�e��K����h���� Taxation and efficiency. 0000003555 00000 n 0000002932 00000 n endstream 7 0 obj The word “taxation” can take different meanings. 0000006159 00000 n �RQ.��]^N���Y�\�2�Y,���YLe�AW�8��e ҈�R��*9v�~ [��G՘T���:o��X���H�.��u~�. Proportional Taxation []. General introduction. 0000032703 00000 n 0000005668 00000 n In this chapter, we examine the relationship between taxation and economic growth in a resource rich country, using Nigeria as a case study. James & Nobes (1998); The economics of taxation, Prentice Hall Europe –chapter 3 Salanie, B. Governments use the revenue from this tax to build and maintain highways, bridges, and mass transit systems. 0000061594 00000 n stream 0000008914 00000 n 0000001102 00000 n The allocational theory of taxation, which analyzes the welfare losses caused by distorting taxes, dates from the very beginning of public sector economics.It has, by its very nature, always been part of the theory of the second best. Institute and the Development Economics Research Centre (DERC) at the University of Warwick. PDF | This paper reviews the economics of taxation. Holding Revenue onstant _ Sensible debates about taxes start here. Taxation refers to the act of levying or imposing a tax by a taxing authority. <> c. paper on the effects of tax rules on corporate dividends (Feldstein, 1967) . 254 0 obj << /Linearized 1 /O 256 /H [ 1102 1853 ] /L 306133 /E 62201 /N 24 /T 300934 >> endobj xref 254 33 0000000016 00000 n Tax rates are progressive; from 10% to 35% for individuals and from 15% to 35% for corporations. 0000004331 00000 n What does economic theory suggest about the relationship between economic growth and taxation? Taxation - Taxation - Principles of taxation: The 18th-century economist and philosopher Adam Smith attempted to systematize the rules that should govern a rational system of taxation. Compared to Australia, New Zealand’s tax system does not tax income generated from capital investments such as real estate, stocks and bonds. Taxation and equity. a. It will be especially useful for a graduate course in public economics, because the analytics are both sophisticated and well explained. Introduction to taxation. In a strict sense, taxation is the set of taxes that economic agents pay. We explore the linkages between availability of higher resource revenue and lower taxation effort of other revenue categories and the effects of these on growth. <> The Economics of Tax Policy provides a straightforward overview of recent research in the economics of taxation.Tax policies generate considerable debate among the … The Economics of Taxation offers a thorough discussion of the consequences of taxes on economic decisions and equilibrium outcomes, as well as useful insights into how policy makers should design taxes. The objective of excise taxation is to place the burden of paying the tax on the consumer. 0000006682 00000 n 0000020335 00000 n <>>> 0000009461 00000 n <>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 720 540] /Contents 8 0 R/Group<>/Tabs/S/StructParents 1>> The debates about the what, who, and how of tax policy are at the core of politics, policy, and economics. %PDF-1.5 �U��k%��3�Y$��I)p���FEl+>>��9V���RY3��5�}�;��QSuӽ����a2m����Ab\�����Gҽ�/f���!�u�m5Q�嶛�����$"j���'Bm��3��Lf#Of{RӦ��9 ��ꛥ�p�a�a|S��� �l(�F~sS�a�L��Yu�"m��^��Kf\�?��؎ L��c�~�nG�~�{��0����1 �ח�]��+�7i@#��{��*�O�u��� �)+���L�WG��ܿ��g>��oY�}�`%���m1��x:�m�U����3z3 �G�Fo��dap9e������*�@e��r��΀������j��}G��������w����ee�G妕ˉ?�]a?�f�SV�*�XY�آ�*MRck+�yj惵��!J�Q7�k��֮ endobj H��W[o�~ׯ��NP�gfgfw���#��%)j�yH�@S��T"]���?����;gfy�lEjĝ۹~������d�Gn4�:qmF�ᒯ��i���N�ŕ��g��4����g��g_�r�7등�� q4������ɏ���l�~u�6��ں��[n.�8֩��&־Z��W/���j�\,o���+~�jb���f�p�v��/�_��Q��5�*����M����E�|��|?V�L��u��֮�1M57=���pt5]��ܹ�F�B�8�:��əϴ�7�C�H��f �]�ڌ}�.uoE���Ÿ��V�+���J(��G�D�am��M�,Oa��(3�9�81k޳0x&�e�䔺|����b���3��z�;��Q� ��Z��*�m���x�"��"�Qo�b��H�l�m׌�S��e蛾��7��&ZKI�M���&z�mHb̻µ �FH� �O��k����ux�9}�S�w��?���׆|�@w�_�� W�����Op��~���zJ�)V}q�. Taxation and incentives. %PDF-1.3 %���� Over the years, my tax research has focused primarily on the ways that taxes affect household behavior and on the welfare implications of those changes. Tax Structure – The basic tax formula for all taxable entities is fairly similar. endobj 5 0 obj endobj In this book, taxation refers both to taxes and to transfers to households. 1. 0000009119 00000 n ML�>�ؤ"������z��~�e������� ( Xl�r�| 0000014858 00000 n 0000002955 00000 n �U��k%��3�Y$��I)p���FEl+>>��9V���RY3��5�}�;��QSuӽ����a2m����Ab\�����Gҽ�/f���!�u�m5Q�嶛�����$"j���'Bm��3��Lf#Of{RӦ��9 ��ꛥ�p�a�a|S��� �l(�F~sS�a�L��Yu�"m��^��Kf\�?��؎ L��c�~�nG�~�{��0����1 �ח�]��+�7i@#��{��*�O�u��� �)+���L�WG��ܿ��g>��oY�}�`%���m1��x:�m�U����3z3 �G�Fo��dap9e������*�@e��r��΀������j��}G��������w����ee�G妕ˉ?�]a?�f�SV�*�XY�آ�*MRck+�yj惵��!J�Q7�k��֮ 0000003760 00000 n TAXATION PAPERS Taxation and Customs Union WORKING PAPER No 70 – 2017 Dondena (project leader) CASE - Center for Social and Economic Research, Warsaw IEB PwC Literature review on taxation, entrepreneurship and collaborative economy ISSN 1725-7565 (PDF) ISSN 1725-7557 (Printed) 8!޶*��ؔ�4�'�$�T5�ԃE:��}iϑ9-���KJ;���!�n9�|��Ռ�L�0��졣�D Taxes are levied in almost every country of the world, primarily to raise revenue for government expenditures, although they serve other purposes as well. Our results show that, for both matching methods, major tax cuts for the rich increase the top 1% share of pre-tax national income in the years following the reform ("+1 to "+5). ��%:�����`�l%=���s}�A(�9�eBj]`$��N��dB����jZ���By6.WMMM��C=���QFkl5������R�R/��[�oM�Ej��V3���ɵ4�mt�^��-���kI��,I� �H+: Several theories of taxation exist in public economics.Governments at all levels (national, regional and local) need to raise revenue from a variety of sources to finance public-sector expenditures.. Adam Smith in The Wealth of Nations (1776) wrote: "Such things as defending the country and maintaining the institutions of good government are of general benefit to the public. This new edition presents an analysis of the economic principles of taxation with a thorough and recently updated explanation and evaluation of the policy and practical aspects of the UK tax system. 6 0 obj Currently New Zealand’s tax system lacks a Capital Gains Tax (A Tax system for New Zealand’s Future, 2010). �ӭ�^�3�>f�fYvM/;=���t%DOT�DT��%�U� ��}���� fsp��!�^� 0000005709 00000 n <> 8!޶*��ؔ�4�'�$�T5�ԃE:��}iϑ9-���KJ;���!�n9�|��Ռ�L�0��졣�D The lack of such a tax in New Zealand has some significant economic impacts. 8 0 obj 0000004535 00000 n Taxation has been a principal issue in every presidential election since 1980—with a large tax cut as a winning issue in 1980, a pledge of “Read my lips: no new taxes” in the 1988 campaign, and a statement that “It’s your money” providing an enduring image of the 2000 campaign. 0000003129 00000 n Ordinary least square (OLS) estimation technique is employed in estimating the specified model. )%*%8%�h �*M>�AM�����d.�k��r�����޻5=K��i�q��';"5�Ax�i�^ʷ��T�*��P=)�'�s+�vZf/�4�N8Դz�[G�F8K���2-h���z�yU�I�Ak!��bKG�`��0�XD�b�Mjgͦ�����=+^a�Y���M�7�{�S�a�k(�3���%��7�;���4GX����vi�(��/��m��Т��%njU\�u|Y�E�'%�nW��6u�ꂳG�>J���a�;�~N�\/��e�Ӭ�nj�@5k�f1�b=tڻSk�A In studying economic policies, it is always useful to study extreme cases. This paper investigates the design of tax structures to promote economic growth. 2. I n recent years, taxation has been one of the most prominent and controversial topics in economic policy. 0000061798 00000 n Richard W. Tresch, in Public Finance (Third Edition), 2015. Proportional taxation means that MRT = ART, so if a low income earner is taxed at 20%, so is a higher income earner.The proportion of tax paid is always the same, though in absolute terms it goes up the higher your income.. Progressive Taxation []. Taxation, imposition of compulsory levies on individuals or entities by governments. tax rates of the highest income taxpayers and measures of economic growth. Taxation of Income from Capital in the U.S.” Journal of Public Economics: 281-321. 0000039129 00000 n View content coverage periods and institutional full-run subscription rates for Tax Policy and the Economy . endobj The magnitude of the effect is sizeable; on average, each major reform leads to a rise in top 1% share of pre-tax national income of 0.8 percentage points. The theory of taxation and public economics is usefully conceptualized in terms of a core framework. 0000036454 00000 n Throughout the late-1940s and 1950s, the top marginal tax rate was typically above 90%; today it is 35%. 0000003966 00000 n endobj (2003), The economics of taxation, The MIT Press – chapter 1 Stiglitz, J.E. <>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 720 540] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> /�0@\���Nh���ѫh�8K��C�7��SW��s�^���R�v`��7~L_=z卿���_y��~(���FcyU e�*ĽL"٨��Nʍ�ذ��s�Y�����E]!�j��HV��L�'wv"1�Jդ=_�e*>��r�:[㌩v�Y�ZQU��"*w�P�Ӊ��F�b�Ȟo~���#/?��?��s!_8����?��o-,���VnbMN(�QB&oTE(�D7ɰ��[��y6А���$ �CWD7U��g-��)� _�QU����S'�07���;�|Ed�����������?��t�l��9N�ZN��������F�n��P���L��~,����?�z�G�,g��%��em>�S�I�0j��2Z�8V�.�Id�,LJ��gB�hԴ�b9��G cP�J��ɆXqS������ķ��� s�\�.�FO�*m�Ѣj��p��Xv�,�;�Z����>��f��[���jmԕ�*��ډ���+��R?=�l!T��c٭�0���jF���D�;���'��7 I will use it in an intermediate sense. b. 0000003349 00000 n �Dom�x�����.�� �7u]W�[��+�����sò�|`�����}�����|�R���.����~���\z��@�c���ݱ*�O� �^< endstream endobj 286 0 obj 1726 endobj 256 0 obj << /Type /Page /Parent 239 0 R /Resources 257 0 R /Contents 269 0 R /Thumb 186 0 R /MediaBox [ 0 0 612 792 ] /CropBox [ 0 0 612 792 ] /Rotate 0 >> endobj 257 0 obj << /ProcSet [ /PDF /Text ] /Font << /TT2 268 0 R /TT4 261 0 R /TT6 266 0 R /TT8 263 0 R /TT9 272 0 R /TT10 264 0 R /TT11 271 0 R >> /ExtGState << /GS1 280 0 R >> /ColorSpace << /Cs6 265 0 R >> >> endobj 258 0 obj << /Type /FontDescriptor /Ascent 700 /CapHeight 0 /Descent -209 /Flags 32 /FontBBox [ -55 -250 1138 750 ] /FontName /FNKPAA+cmbx12 /ItalicAngle 0 /StemV 0 /FontFile2 276 0 R >> endobj 259 0 obj << /Type /FontDescriptor /Ascent 706 /CapHeight 0 /Descent -217 /Flags 32 /FontBBox [ -40 -250 1008 750 ] /FontName /FNKPCD+cmr10 /ItalicAngle 0 /StemV 0 /FontFile2 281 0 R >> endobj 260 0 obj << /Type /FontDescriptor /Ascent 700 /CapHeight 0 /Descent -211 /Flags 32 /FontBBox [ -57 -250 1163 750 ] /FontName /FNKPBB+cmbx10 /ItalicAngle 0 /StemV 0 /FontFile2 282 0 R >> endobj 261 0 obj << /Type /Font /Subtype /TrueType /FirstChar 44 /LastChar 116 /Widths [ 272 0 0 0 489 489 489 0 489 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 639 0 733 0 0 0 0 0 0 761 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 489 543 435 0 435 0 489 0 272 0 0 0 816 543 489 0 0 380 0 380 ] /Encoding /WinAnsiEncoding /BaseFont /FNKOOO+cmr12 /FontDescriptor 262 0 R >> endobj 262 0 obj << /Type /FontDescriptor /Ascent 705 /CapHeight 0 /Descent -215 /Flags 32 /FontBBox [ -35 -250 988 750 ] /FontName /FNKOOO+cmr12 /ItalicAngle 0 /StemV 0 /FontFile2 275 0 R >> endobj 263 0 obj << /Type /Font /Subtype /TrueType /FirstChar 40 /LastChar 151 /Widths [ 447 447 0 0 0 383 319 0 0 575 575 575 575 0 575 0 0 575 319 0 0 0 0 0 0 869 0 831 882 756 0 904 0 436 0 0 692 1092 0 864 786 0 862 639 800 0 869 1189 0 0 0 0 0 0 0 0 0 559 639 511 639 527 351 575 639 319 0 0 319 958 639 575 639 607 474 454 447 639 607 0 607 607 511 0 0 0 0 0 0 0 0 0 0 0 0 0 575 0 0 0 0 0 0 0 0 0 0 0 0 0 0 575 ] /Encoding /WinAnsiEncoding /BaseFont /FNKPBB+cmbx10 /FontDescriptor 260 0 R >> endobj 264 0 obj << /Type /Font /Subtype /TrueType /FirstChar 36 /LastChar 175 /Widths [ 500 833 0 0 389 389 0 778 278 333 278 0 500 500 500 500 500 500 500 500 500 500 278 278 0 778 0 472 0 750 708 722 764 681 653 785 750 361 514 0 625 917 750 778 681 0 736 556 722 750 750 1028 0 0 0 278 0 278 0 0 0 500 556 444 556 444 306 500 556 278 306 528 278 833 556 500 556 528 392 394 389 556 528 722 528 528 444 0 0 0 0 0 0 0 0 0 0 0 0 0 500 0 0 0 0 0 0 0 0 0 278 500 500 0 0 0 500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 500 ] /Encoding /WinAnsiEncoding /BaseFont /FNKPCD+cmr10 /FontDescriptor 259 0 R >> endobj 265 0 obj [ /ICCBased 279 0 R ] endobj 266 0 obj << /Type /Font /Subtype /TrueType /FirstChar 40 /LastChar 121 /Widths [ 437 437 0 0 0 0 312 0 0 562 562 562 562 0 0 0 0 0 312 0 0 0 0 0 0 849 799 812 861 738 0 884 879 419 0 0 675 1067 879 845 768 0 839 624 782 0 849 1161 0 0 0 0 0 0 0 0 0 547 624 499 624 513 343 562 624 313 0 593 313 937 624 562 624 593 459 443 437 624 593 812 593 593 ] /Encoding /WinAnsiEncoding /BaseFont /FNKPAA+cmbx12 /FontDescriptor 258 0 R >> endobj 267 0 obj << /Type /FontDescriptor /Ascent 707 /CapHeight 0 /Descent -211 /Flags 32 /FontBBox [ -34 -249 944 749 ] /FontName /FNKOLN+cmr17 /ItalicAngle 0 /StemV 0 /FontFile2 274 0 R >> endobj 268 0 obj << /Type /Font /Subtype /TrueType /FirstChar 69 /LastChar 120 /Widths [ 628 0 0 0 0 0 0 575 0 693 0 0 0 0 0 667 0 0 0 0 0 0 0 0 0 0 0 0 458 0 406 0 406 275 0 0 250 0 0 0 771 511 458 0 0 354 359 354 511 0 0 484 ] /Encoding /WinAnsiEncoding /BaseFont /FNKOLN+cmr17 /FontDescriptor 267 0 R >> endobj 269 0 obj << /Length 2156 /Filter /FlateDecode >> stream Whole fiscal policy of governments policy, and economics maintain highways, bridges, and.. 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