Describe what is the Laffer curve?

1.    What is the Laffer curve?

2.    For the corporate income tax, explain the concept of “territorial” versus “worldwide” taxation as these terms apply to the corporate tax base.

3.    Explain economic versus accounting depreciation of assets under corporate income tax.

4.    What is the formula for the effective corporate income tax rate? Define the   effective corporate income tax rate.

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