Answer to Question #258474 in Economics for nicole

Question

Directions: Analyze the following questions and provide your answer.

1. How is tax the lifeblood of the government?

2. Should there be a uniform minimum wage in the whole country of the Philippines? Why or why not?

Answer 1

1. Taxes are the lifeblood of government and should be collected without necessary hindrance. Without taxes, the government would be paralyzed for lack of motive power to activate and operate it. Taxes are crucial because governments collect this money and use it to finance social projects. Without taxes, government contributions to the health sector would be impossible. Taxes go to funding health services such as social healthcare, medical research, social security, etc.

2. Supporters of the minimum wage say it increases the standard of living of workers, reduces poverty, reduces inequality, and boosts morale. In contrast, opponents of the minimum wage say it increases poverty and unemployment because some low-wage workers will be unable to find work.