Use the data in the spreadsheet below to complete the following tasks:
compute the compound average growth rate (CAGR) for personal income and each tax revenue source;
use the CAGR for personal income and the tax revenue sources to estimate the income elasticity of tax revenue of each tax revenue source;
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use the income elasticity of tax revenue measures to assess the vertical equity of each tax revenue source;
develop a revenue forecast for each tax revenue source for FY 2017-FY 2021 and briefly defend the method used for the revenue forecast; and
examine the 2003 and 2008 cigarette tax rate increases and estimate the tax rate elasticity of cigarette tax revenue.
Draft a memorandum to provide all the information required above to me.
Microsoft Word Document.
Five-page maximum, excluding cover page, references, graphs, and tables (if needed).
1-inch margins on all sides of the page.
Justified text alignment.
Arial 11 point font.
Use tables if they are helpful in presenting information. However, provide sufficient explanation of the information in any table or tables.
References in APA style
Memo cover page must be as follows:
TO: [Instructor Name]
RE: Tax Analysis.
Please submit the file by attaching it to the Submission Details page for the assignment. File must include student first and last name, course number, term and “Tax Analysis Memo” (e.g., Joe_Brown_402_Tax_Analysis_Memo.doc).