I need an explanation for this Accounting question to help me study.
1. Overall, property taxes constitute a small piece of the macroeconomic pie in industrialized countries, but they are an important source of revenue for local governments. To what extent do local governments rely on property taxes? To what is property tax revenue allocated? How have voters resisted increasing property taxes, and to what end? See The U.S. Property Tax Revolt as a point of departure (in Stiglitz and Rosengard, 2015, pp. 834-835).
2. Explain how these institutions incentivize economic activity.
3. Income transfers were developed as a part of Lyndon B. Johnson’s war on poverty. Define income transfers. How should traditional income transfers eliminate incidence of poverty? Does it work? Explain.
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