Suppose taxes are related to income level as follows: Income Tax $1,000 $200 $2,000 $350 $3,000 $450
Question:
Income Tax
$1,000……………… $200
$2,000……………… $350
$3,000……………… $450
a. What percentage of income is paid in taxes at each level?
b. Is the tax rate progressive, proportional, or regressive?
c. What is the marginal tax rate on the first $1,000 of income? The second $1,000? The third $1,000?
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a The percentages for income levels of 1000 2000 and 3000 are 20 perce...View the full answer
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Related Book For
Microeconomics A Contemporary Introduction
ISBN: 978-1111415921
9th edition
Authors: William A. McEachern
Question Posted:
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