1. Please review the following three (3) arguments that support the use of the income tax as a satisfactory or desirable source of public revenue and determine if the statement is true or false.

1. Equity - measuring the ability to pay -- is accounted for using an income tax. (True or False)
2. Equity adjustability - which is the ability to account for individual taxpayer conditions or circumstances is accounted for in using an income tax. (True or False)
3. Yield - which means that ben thought there is a broad income tax base acceptable rates cannot be developed to keep pace with economic activity. (True or False)

Please provide good explanation for all the three parts