Sample Essay
If the effective marginal tax rate is high, it can lead to poverty traps for people who were surviving through unemployment benefits. Once these people get jobs and they are eligible to pay taxes they get less net income than they received as enrolled as unemployed. This problem is more acute in a regime of effective marginal taxes where additional income is taxed. Therefore people who start earning start paying the high tax rate on their additional income, which would be their entire income and hence are stuck in a poverty trap from which they find difficult to escape. (Stachurski 2005)
System of marketable emissions permits on the basis of grandfathering.
Grandfathering is referred to a clause where a particular amendment in the regulation is applied to consequent decision and situations whereas the previous law is allowed to be implemented for situations prior to the amendment. In a case of marketable emissions permissions, industries or companies with a particular emission grant from the previous period might sell their excess capacity of emission to another firm for an other period, hence increasing emissions in that period. These emissions when not done in the specified time, and accumulated in another year can cause excessive pollution. Therefore marketable emissions permits, subject to the grandfather clause can be potentially hazardous for the environment.
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