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Exercise 9C. Choose the necessary word from the brackets and fill it in the blanks of the text below and then translate into Ukrainian.
(securities, money, debt, commercial, loans, current, withdrawn, checks, deposits, drawn, owe, cash, bank, households, market).
The ______(1) banks hold ______(2) at the bank of England in _____(3) accounts. These deposits are counted as part of the banks ______(4) reserves because cash can be _____(5) from them at any time. Any change in the level of these deposits at the Bank of England will change the level of the banks cash reserves, and hence affect their ability to make ______(6) and create ______(7) deposits.
If the bank of England sells _______(8) in the open _____(9) to _______(10) and firms, the buyers will pay for them with ______(11) _______(12) on their accounts at the commercial banks. These banks, therefore, will now ______(13) money to the bank of England. This ______(14) will be settled by taking ______(15) out of the commercial banks deposits at the Bank of England. This will reduce the commercial banks cash reserves, so their ability to create deposits will be reduced.
Text 10. Tax Rates to Provide Incentives
Exercise 10. Read and translate into Ukrainian
Taxes (1) are usually seen as being progressive (2), proportional (3), or regressive (4). There designations focus upon the relationship between tax rates (5) and income for the simple reason that all taxes regardless of whether they are levied upon (6) income or upon a product or building or parcel of land are ultimately paid out of someones income (7).
A tax is progressive if its average rate (8) increases as income increases. Such a tax claims (9) not only a larger absolute amount (10), but also a larger fraction (11) or percentage of income (12) as income increases.
A regressive tax is one whose average rate declines (13) as income increases. Such a tax takes a smaller and smaller proportion of income as income increases. A regressive tax may or may not take a larger absolute amount of income as income expands (14).
A tax is proportional when its average rate remains the same (15), regardless of the size of income (16).
Let us illustrate in terms of the personal income tax (17). Suppose the tax rates are such that a household pays 10 percent of its income in taxes (18), regardless of the size of its income. This would clearly be a proportional income tax. Now suppose the rate structure (19) is such that the household with an annual taxable income (20) of that $ 1000 pays 5 percent in income taxes, the household realizing an income of (21) $ 1000 to $ 2000 pays 10 percent, $ 2000 to $ 3000 pays 15 percent, and so forth. This, as we have already explained, would obviously be a progressive income tax. The final case is where the rates decline as taxable income rises: you pay 15 percent if you earn less than $ 1000; 10 percent if you earn $ 1000 to $ 2000; 5 percent if you earn $ 2000 to $ 3000; and so forth. This is a regressive income tax. In general, progressive takes are those which bear down most heavily on (22) the rich; regressive taxes are those which hit the poor hardest.
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Exercise 10A. Translate the following words and combinations into
Ukrainian.
1.annual taxable income; 2. to expand; 3. to levy upon; 4. regressive;
5. proportional; 6. fraction; 7. tax rate; 8. the size of income; 9. progressive; 10. to decline; 11. paid out of someones income; 12. absolute amount;
13. percentage of income; 14. to remain the same; 15. personal income tax;
16. to bear down on; 17. to realize an income of $ 1000; 18. to pay in taxes;
19. average rate; 20. to claim; 21. rate structure.
