George and Margaret Wealthy are in the 48 percent tax bracket, considering both federal and state personal

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George and Margaret Wealthy are in the 48 percent tax bracket, considering both federal and state personal taxes. Norman Briggs, the CEO of Community General Hospital, has been aggressively pursuing the couple to contribute $$500$ thousand to the hospital’s soon-to-be-built Cancer Care Center. Without the contribution, the Wealthy’s taxable income for 2005 would be $$2$ million. What impact would the contribution have on the Wealthy’s 2005 tax bill?

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