Assignment Due Thursday December 1 Please submit this assignment through Blackboard. This assignment is worth 10% of your final grade it is to be submitted before 1159 on thursday December 1 in order to avoid a late penally The late penalty is 20% per day or part therof that it is late. As many of you are aware, due to measures to combat Covid, many governments incurred steep deficits which added to the debt. Some governments are now contemplating tax increases to help reduce the deficit and/or debt. Possible ways of increasing revenue is to increase income taxes and/or sales taxes such as the GST/HST. Sources of income that taxes are paid on include labour (work) as well as business profits and investment earnings. Assuming that taxes are to be raised, which tax increase would be least detrimental to long term economic growth, a GSTIHST increase or an increase in income tax? Assume that either of the increases would be revenue neutral, i.e., the federal government would take in the same amount of revenue with either tax that is raised. You are to use as many economic tools that you have learned in this course to justify your argument You are to back up your argument with sound economic reasoning and use concepts learned in this course. You are quite welcome and encouraged to utilize outside sources. Please be sure to reference your sources. Your assignment should be at least 500 to about 750 words in length. Please have this assignment completed and submitted before 11:59 pm on Thursday Decemeber 1 as a WORD document in order to avoid a late penalty. You should submit it through the assignment section in Blackboard. This is an individual assignment, i.e, you are to work independently on it. Please be sure to reference your sources using The American Psychological Association (APA) style. Failure to do so will result in a mark of zero. Assignment Due Thursday December 1 Please submit this assignment through Blackboard. This assignment is worth 10% of your final grade it is to be submitted before 1159 on thursday December 1 in order to avoid a late penally The late penalty is 20% per day or part therof that it is late. As many of you are aware, due to measures to combat Covid, many governments incurred steep deficits which added to the debt. Some governments are now contemplating tax increases to help reduce the deficit and/or debt. Possible ways of increasing revenue is to increase income taxes and/or sales taxes such as the GST/HST. Sources of income that taxes are paid on include labour (work) as well as business profits and investment earnings. Assuming that taxes are to be raised, which tax increase would be least detrimental to long term economic growth, a GSTIHST increase or an increase in income tax? Assume that either of the increases would be revenue neutral, i.e., the federal government would take in the same amount of revenue with either tax that is raised. You are to use as many economic tools that you have learned in this course to justify your argument You are to back up your argument with sound economic reasoning and use concepts learned in this course. You are quite welcome and encouraged to utilize outside sources. Please be sure to reference your sources. Your assignment should be at least 500 to about 750 words in length. Please have this assignment completed and submitted before 11:59 pm on Thursday Decemeber 1 as a WORD document in order to avoid a late penalty. You should submit it through the assignment section in Blackboard. This is an individual assignment, i.e, you are to work independently on it. Please be sure to reference your sources using The American Psychological Association (APA) style. Failure to do so will result in a mark of zero